The head of the International Monetary Fund says the recession sparked by the coronavirus pandemic is “way worse” than the 2008 global recession.
IMF managing director Kristalina Georgieva is describing the situation as “a crisis like no other.” (REUTERS)
IMF managing director Kristalina Georgieva is describing the situation as “a crisis like no other.” “Never in the history of the IMF have we witnessed the world economy coming to a standstill,” she said. “We are now in recession, it is way worse than the global financial crisis and it is a crisis that requires all of us to come together.” Georgieva says 90 countries have already approached the institution for emergency financing.
{{^htLoading}} {{/htLoading}}
She is calling on countries to prioritize health expenditures and to make sure doctors, nurses and other health workers are paid. She adds that the world’s most fragile countries must be protected, noting that “USD 90 billion have flown out” and damaged emerging economies.
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.
Get the latest World News, breaking headlines and global updates from the US, UK, Pakistan, Bangladesh, Russia and other countries. Follow major international events on Hindustan Times.
Get the latest World News, breaking headlines and global updates from the US, UK, Pakistan, Bangladesh, Russia and other countries. Follow major international events on Hindustan Times.
