Half the world knocking on IMF’s door

ANKARA

Half of the world’s countries have asked the International Monetary Fund (IMF) for a bailout amid the coronavirus pandemic, the global body’s head Kristalina Georgieva said late on Wednesday.

"This is an emergency like no other," she said in an interview with CNBC, adding that the IMF is providing funding on the basis of rapid assessment of conditions in every country.

She noted that more than 100 countries so far have asked for emergency assistance.

"We ask for countries to do one thing only. Please pay your doctors and nurses make sure your health systems are functioning and vulnerable people and firms are protected," she said.

Answering a question on the length of the pandemic-driven economic crisis, she said it depends on what epidemiologists are going to tell the IMF.

"It is actually the first time in the history of the IMF, when epidemiology sayings are as important as macro economists for our projections.”

She said if measures to contain the pandemic are successful in the first half of this year, the economy will see a rebound in the second half.

“Next year, there will be a boost with 5.8%."

But she warned that despite this seemingly positive figure, we would still be below the growth rate of 2019.

"If the virus is going around the world and takes a double trip, or if vaccine and treatment are slow to come, it might get worse," she said.

The IMF has projected that the global economy would shrink by 3% in 2020 amid the global coronavirus pandemic.