FILE PHOTO: IMF Managing Director Kristalina Georgieva speaks during a conference hosted by the Vatican on economic solidarity, at the Vatican, February 5, 2020. REUTERS/Remo Casilli/File Photo
WASHINGTON (Reuters) – The International Monetary Fund on Thursday asked G20 leaders to back a doubling of its emergency financing capacity to strengthen its response to the rapidly spreading coronavirus pandemic that is set to cause a global recession in 2020.
IMG Managing Director Kristalina Georgieva, in a statement to leaders of the world’s 20 largest economies, said the depth of the economic contraction and the speed of the recovery depended on containment of pandemic and “how strong and coordinated our monetary and fiscal policy actions are.”
She said it was paramount to support emerging markets and developing economies, which were particularly hard hit by the crisis, sudden economic stops, capital flight and, for some, sharp drops in commodity prices.
Reporting by Andrea Shalal