The IMF, which dubbed the current crisis “the Great Lockdown,” said “this is a crisis like no other.” Speaking at a press conference, Tuesday, Gopinath explained “the magnitude and speed of collapse in activity that has followed (the lockdown) is unlike anything we’ve experienced in our lifetimes.”
There’s severe uncertainty about the duration and intensity of the economic shock, it added, and stimulating economic activity is more challenging given the required social distancing and isolation policies.
The IMF said it had received “an unprecedented number of calls for emergency funding.” Out of its 189 members, more than 90 of them have asked for financial support.
The fund, which provides financing to members which are struggling economically, has $1 trillion in lending capacity.
Source Article from https://www.cnbc.com/2020/04/14/imf-global-economy-to-contract-by-3percent-due-to-coronavirus.html
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