The Managing Director (MD) of the International Monetary Fund (IMF), Ms. Kristalina Georgieva has come out to say that COVID-19 has created an economic crisis worse than what the world economy experienced under the global financial crisis in 2008.
She revealed this during a press conference, jointly addressed with the Director-General (D-G) of the World Health Organization (WHO), Tedros Ghebreyesus, in Washington D.C.
According to her, in the history of the IMF, they have never witnessed the world economy come to a standstill as it has right now.
She added that the main preoccupation amid this crisis is to step up financing for countries, especially emerging markets, developing countries that are faced with very substantial and growing needs.
Her words, “It is way worse than the global financial crisis of 2008-09
“Never in the history of the IMF have we witnessed the world economy come to a standstill.”
“Our main preoccupation in this crisis is to rapidly step up financing for countries, especially emerging markets, developing countries that are faced with very significant and growing needs.”
“We have never seen ever such a growing demand for emergency financing.”
“We are all aware of the profound social and economic consequences of the pandemic. Ultimately the best way for countries to end restrictions and ease their economic effects is to attack the virus.”