The International Monetary Fund (IMF) says the global economic recession has begun. The economic recession could be dire since 2009. IMF chief Kristalina Georgieva said this at a news conference online Friday.

Kristalina Georgieva said the global economy was “abruptly shut” due to the coronavirus epidemic. Developing countries need at least $2.5 trillion dollars to overcome the coronavirus crisis. She said the direction the economy is moving. without the huge financial support, the developing countries will be a complete economic disaster.  

The reference that, The International Monetary Fund (IMF) is an autonomous financial institution approved by the United Nations. Its main task is to monitor the currencies’ growth in different countries. The idea was first introduced on July 22, 1944. Its activities were initiated with the economy of 45 member states and the balance of their international transactions. On the other hand, WHO warns against ‘immunity passport’ Use because that a person has antibodies to fight the virus there is no evidence yet that he will not be attacked a second time.

On December 27, 1945, the 29 states signed an agreement aimed at keeping the international transaction system stable and controllable. It is on this basis that the International Monetary Fund is officially established. The main objective of this organization is to bring stability to international trade. It works with developing countries to provide rich economic stability and provide policies and financial support to its members to help reduce poverty and promote economic stability. This is because private international capital markets operate poorly and many countries have limited access to financial markets.

The company justifies government financing for the improvement of such market inconsistencies and the balance-of-payments financing system. This organization provides alternative financing.

Tuesday (26 March) The US government announced a $20 billion incentive package to combat the Coronavirus crisis. The IMF chief welcomes the US decision.