IMF, World Bank to help member countries address economic challenge posed by COVID-19

Photo: WAM

International Monetary Fund, IMF, Managing Director Kristalina Georgieva and President of World Bank Group David R. Malpass on Monday said they stand ready to help member countries address the human tragedy and economic challenge posed by the coronavirus, COVID-19.

''We are engaged actively with international institutions and country authorities, with special attention to poor countries where health systems are the weakest and people are most vulnerable," they said in a joint statement.

''We will use our available instruments to the fullest extent possible, including emergency financing, policy advice, and technical assistance. In particular, we have rapid financing facilities that, collectively, can help countries respond to a wide range of needs. The strengthening of country health surveillance and response systems is crucial to contain the spread of this and any future outbreaks.

''International cooperation is essential to deal with the health and economic impact of the COVID-19 virus. The IMF and the World Bank Group are fully committed to providing the support that people in our member countries expect from us," the statement concluded.

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