REUTERS
The Fund has already taken action to provide relief for debt repayments for its poorest members.
International Monetary and Financial Committee Chair Lesetja Kganyago and International Monetary Fund Managing Director Kristalina Georgieva issued a joint statement following today's conference call of the International Monetary and Financial Committee.
"Going beyond its traditional lending facilities, the IMF will explore additional options to help members that experience foreign exchange shortages. These issues will be discussed by the IMF’s Executive Board in the coming weeks with a view to bringing a strong package of measures for the IMFC’s consideration at the Spring Meetings. Our common goal is to make the IMF’s crisis response even more effective in helping its members achieve a faster and stronger recovery," the statement says.
The Fund has already taken action to provide relief for debt repayments for its poorest members, adds the statement.
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"We are in an unprecedented situation where a global health pandemic has turned into an economic and financial crisis. With a sudden stop in economic activity, global output will contract in 2020. Member countries have already taken extraordinary actions to save lives and safeguard economic activity. But more is needed. Priority should be afforded to targeted fiscal support to vulnerable households and businesses to accelerate and strengthen the recovery in 2021," the statement reads.
As UNIAN reported earlier, the World Bank and the International Monetary Fund have called on G20 to postpone collection of debt payments on loan agreements with the governments of the poorest countries given economic hardships caused by the spread of coronavirus.
On March 16, the IMF expressed readiness to mobilize credit potential worth $1 trillion to assist member countries during the pandemic.