More than 100 countries have already asked for emergency assistance from the International Monetary Fund amid the economic fallout from coronavirus.
Managing Director Kristalina Georgieva told a meeting of G20 finance ministers and central bank governors that 10 countries have so far received their requested emergency funding, and the IMF will approve funding for half of the remaining countries by the end of April.
The IMF told the G20 finance leaders that it is “urgently seeking” $18 billion in new loan resources for its Poverty Reduction and Growth Trust, and says it will likely need at least $1.8 billion in new subsidy resources.
Georgieva warned that they “will need to step up even more” in the months and years ahead. She said the IMF is ready to use its “full toolbox and $1 trillion firepower” through a deep recession in 2020 and only a partial recovery in 2021.