IMF Sees World Economy in Worst Recession – (Bloomberg) — on Forex Signals , The International Monetary Fund sees the world economy suffering its worst recession since the Great Depression this year.
The IMF’s baseline outlook is for a partial recovery in the global economy in 2021 if the pandemic fades in the second half of this year to allow a gradual lifting of containment measures – IMF Sees World Economy in Worst Recession.
To help more the more than 90 countries that are seeking aid, the IMF’s executive board has agreed to double access to its emergency financing to meet expected demand of about $100 billion.
The fund is looking at the use of precautionary credit lines to get cash to countries and establishing short-term loans, as well other funding options like the use of reserve assets called special drawing rights, or SDRs, Georgieva said. The IMF continues to call on rich governments to agree to a standstill of debt repayments by the world’s poorest nations, she said.
The IMF and World Bank are preparing to hold their spring meetings via virtual connections for the first time ever next week. Their normal in-person meetings; which the organizations convene at their headquarters near the White House, typically draw thousands of delegates, observers and journalists from 189 member countries; The program has been pared down this year to be mostly media briefings, skipping the typical seminars and public discussions.
Georgieva stressed the need to continue with essential containment measures and support for health systems; shield affected people and firms with large, timely, targeted fiscal and financial-sector measures; reduce stress to the financial system and avoid contagion; and plan for an eventual recovery – IMF Sees World Economy in Worst Recession.
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