How Coronavirus affects global economy, creating uncertainty-IMFC
The International Monetary and Financial Committee (IMFC) on Wednesday said that Coronavirus outbreak economic and financial impacts have been felt globally, creating uncertainty and damaging near-term prospects.
This was contained in a statement issued by the IMF after a teleconference call, chaired by Governor of the South African Reserve Bank Lesetja Kganyago and Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva.
The global bank noted that the IMF’s 189 member countries stand united to address the global challenges related to the Coronavirus (COVID-19) epidemic.
According to IMF, we are determined to provide the necessary support to mitigate the impact, especially on the most vulnerable people and countries. We have called upon the IMF to use all its available financing instruments to help member countries in need.
“We are confident that, working together, we will overcome the challenge facing us and restore growth and prosperity for all”, it stated.
Meanwhile, IMF/World Bank Group has said that the 2020 Spring Meetings of the multilateral institution will b conducted daily by virtual channels.
The institutions explained that the decision was to avoid large gathering in view of the fast-spreading coronavirus, adding that all registration for all delegates has been suspended.
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A note obtained by The Daily Times reads, “Our records indicate that you have recently registered, or applied to register, for the 2020 IMF-World Bank Group Spring Meetings.
Given growing health concerns related to the COVID-19, the IMF and World Bank Group have agreed to adopt the 2020 IMF-World Bank Group Spring Meetings to virtual format, to avoid a large-scale gathering.
“Our overriding priority is to ensure the health and safety of Spring Meetings participants and staff.
“Registration for all categories of participants (Delegates, Observers, Guests, Press, and CSOs) is now suspended. All previous confirmations will be cancelled. Official delegates who will participate in the official sessions will receive further instructions from the Secretary and from the office of their Executive Director of the respective institution”, IMF/World Bank stated.
