Taliban gains drive Afghan government to recruit militias    UN urges Israel to halt building of settlements immediately    Egyptian Premier League fixtures (27th matchday)    Bayern Munich to kick off Bundesliga season at Gladbach    First COVID-19 case could have emerged in China in Oct 2019: Study    Zamalek extend stay of winger Zizo for another 3 years    Contact Developments launches Quan Iconic Tower at New Capital with EGP 1.5bn investments    Egypt retrieves 3 Pharaonic, Greco-Roman era artefacts in London    Sisi stresses need to safeguard, develop Awqaf funds    Cairo to host fifth round of Eurasian Economic Union free trade talks in November    Hyundai Rotem signs $110 million deal to upgrade railway signal system in Egypt    Egypt launches Tamayoz, an index for SMEs    Egypt's Suez Canal Authority announces solution on impounded Ever Given    Egypt Government policy of fiscal, monetary policy harmony reduced COVID-19 repercussions: Finance Minister    Egypt ready to support manufacture of COVID-19 vaccines in Africa: Prime Minister    US, EU condemn airstrike on Ethiopia's Tigray market which left 51 dead    Egypt recovers 114 artefacts smuggled to France    MEP questions Washington's logic of hyping up China threat for military expansion    Russia in showdown with UN and West over aid to Syria    'Scary' Sydney virus cluster blamed on delta variant grows    Euro 2020 brings back long-forgotten memories of glory for qualifying teams    Manchester City's Riyad Mahrez gets engaged to British model Taylor Ward    Egypt's delay in including Mo Salah, Mostafa Mohamed at Tokyo Olympics raises concern    In Video: Egypt recovers 114 ancient artefacts smuggled into France    Sudan calls on UN Security Council to intervene in GERD dispute    Egypt, Germany discuss bilateral relations, GERD developments    Egypt's Health Minister reviews precautionary measures during Cairo Book Fair    Egypt's FM discusses bilateral relations with German counterpart    IMF approves final tranche of Egypt's SBA loan programme    Egypt's Senate commences fulfilling its obligations under clear jurisdictions: Ahmed Diab    Egypt extends 'Kings of the Sun' exhibition in Prague until 30 September    Egypt's CBE extends its preventive measures against pandemic's negative impacts through end of 2021    Don't miss Romeo and Juliet ballet shows at the Cairo Opera House    Arab history at the Institute    The second filling    Egypt opens its first anaerobic gasification unit    Egypt keen on negotiation leading to binding deal on GERD, irrigation minister tells S.Sudan's officials    HSBC earmarks funding to a coastal ecosystem restoration project in Egypt    Egypt accuses Ethiopia of using GERD crisis for political purposes    Egypt's Water Resources Minister in South Sudan for cooperation talks    APO Group enters new exclusive agreement with Getty Images on African press releases and images    Egypt is on short list of partner countries for U.S. COVID-19 vaccines: embassy    Russia to resume charter flights to Egypt resorts in the coming days    Egypt's Sisi announces allocation of $500 million for reconstruction in war-wrecked Gaza    On International Museum Day, Egypt opens two new museums at Cairo Airport    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    Veteran Egyptian journalist Makram Mohamed Ahmed passes away at 86    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

103 countries approach IMF for COVID-19 emergency finance
Fund's executive board to consider half of requests by end-April, says Georgieva
Published in Daily News Egypt on 20 - 04 - 2020

A total of 103 countries have approached the International Monetary Fund (IMF) for emergency financing due to the coronavirus (COVID-19) pandemic, the IMF's Chairperson and Managing Director, Kristalina Georgieva, said on Monday.
Georgieva added, "Our Executive Board will have considered about half of these requests by the end of the month."
In a blog-post published by the IMF, Georgieva said that world governments have taken unprecedented action to save lives and fight the pandemic. The emergency measures were taken to protect communities and economies, with global fiscal measures so far amounting to about $8trn.
Central banks across the world have also undertaken massive liquidity injections to keep economies afloat.
The IMF has doubled its emergency, rapid-disbursing capacity to meet the expected demand of about $100bn, Georgieva wrote.
She also noted, "We expect global economic activity to decline on a scale that the world hasn't seen since the Great Depression."
This year, 170 countries will see income per capita go down, Georgieva said. She added that, only months ago, the IMF was projecting 160 economies to register positive per capita income growth.
Exceptional times call for exceptional action, she said, and there has in many ways been a ‘response like no other' from the IMF's membership. The fund has a $1tn lending capacity, four times more than at the outset of the Global Financial Crisis in 2008, which is spread across 189 countries.
Additionally, the IMF's policy advice will need to adapt to the evolving realities and help lay the foundations for a strong recovery, Georgieva said.
"We need to have a better understanding of the specific challenges, risks, and tradeoffs facing every country as they gradually restart their economies," Georgieva added.
In the new post-COVID-19 world, countries simply cannot take social cohesion for granted. This accounts for the IMF needing to support individual countries' efforts in enhancing social policies reducing inequality, protect vulnerable people, and promote access to opportunities for all, she said.

Clic here to read the story from its source.