IMF Allocates $ 50 Billion to Help Address Coronavirus

World | March 6, 2020, Friday // 10:26|  views

The International Monetary Fund has announced that it is providing $ 50 billion to countries affected by the coronavirus. The organization has warned that the epidemic has already knocked off global economic growth this year from below last year's levels.

"We know that the disease is spreading quickly. With over one-third of our membership affected directly, this is no longer a regional issue – it is a global problem calling for a global response.

We also know that it will eventually retreat, but we don’t know how fast this will happen." said IMF Managing Director Kristalina Georgieva.

"Under any scenario, global growth in 2020 will drop below last year’s level. How far it will fall, and for how long, is difficult to predict, and would depend on the epidemic, but also on the timeliness and effectiveness of our actions.

This is particularly challenging for countries with weaker health systems and response capacity—calling for a global coordination mechanism to accelerate the recovery of demand and supply.", she added.

Large companies and institutions are trying to limit the economic impact of the coronavirus. One example is the European Central Bank, which has decided to reduce its missions. Google, Unilever, Nestle, Goldman Sachs and more are taking similar measures.The British Airlines has entered a winding-up procedure and will cease all flights. The reduced number of passengers amid the epidemic of the new coronavirus further aggravated the difficult situation of the airline.

Most of the major airlines have suspended flights to mainland China by the end of April. 

In the meantime, California has declared a state of emergency after the first death case because of the new virus. There are 53 confirmed cases of infection there.

In Italy, 28 people died in the last day and 587 new cases were identified in the country. Schools are shutting down Thursday and will not open until mid-March.

The World Health Organization registered 2223 new cases of infection worldwide just for the last 24 hours.

200 cases and 2 deaths because of the COVID-19 coronavirus have been confirmed in Spain. Ireland has confirmed four new cases of the virus - two men and two women who were soon traveling to northern Italy. There are a total of six cases of infection in the country.

The number of people infected with the new coronavirus in Stockholm has reached 31 people. In total, 52 cases have been confirmed in the country. 27 residents of the Swedish capital have been infected abroad or have been in direct contact with people who have traveled abroad. 

The death toll from the new coronavirus in the United States has reached 11. Washington state health authorities say the number of infected in the Seattle area has increased from 27 to 39 in a day. Ten are infected in New York State.

Coronavirus deaths in mainland China have exceeded 3,000 after authorities reported another 31 deaths. In China, 139 new cases of infection were confirmed in the last day, which is slightly more than the previous day, bringing their total to 80 409, health authorities said. Only five new cases have been reported outside Hubei.

Over 52,000 people have been cured and discharged from hospitals. In Beijing, the number of those infected has reached 418, 297 of which have recovered and eight have died. 

South Korea reported a new 438 cases of coronavirus, bringing their total number to 5,766. 

Four new cases have been confirmed in Seoul, bringing the number of people infected in the capital to 92. 

The tenth case of the new coronavirus in Greece was confirmed yesterday morning. 

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Tags: Coronavirus, IMF, funds, Kristalina Georgieva


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