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IMF requests coordinated response to COVID-19

This week, central banks addressed the fallout from the markets encountered in response to concerns about COVID-19, which have spread around the world. The US Federal Reserve cut interest rates by half a percentage point on Monday, and G7 finance ministers and central bank governors issued a statement make sure he's ready to act.

On Tuesday, the International Monetary Fund had a call with 189 member countries to discuss a coordinated response to COVID-19. IMF Managing Director Kristalina Georgieva said the mood for the appeal was serious and focused on coordinated action.

What we wanted to do was collectively examine a rapidly changing situation. Within a week, we have seen the coronavirus spread day by day in more countries. At the time of our call, almost 40% of the world was already affected, and this has been going on since Tuesday, said Georgieva. Our main objective was in this uncertainty, what do we know and how to use this knowledge to be more effective in the actions we undertake.

What they know, said Georgieva, is that COVID-19 is a global outbreak, spreading with cases still likely undetected, and that it is already having an impact on 39; world economy. What is unknown, she continued, is the longevity of the epidemic.

Georgieva said that crises of this nature in the past have imposed costs. A third of this cost would be the direct death of people, the loss of productivity of people who are not working, production disruptions. Two-thirds of this cost came from consumers who did not consume and from investors who did not invest.

In other words, the impact is more due to uncertainty, said Georgieva. This means for us to act decisively to give more certainty and therefore reduce this part of the cost.

Georgieva said the IMF urges members to build capacity in their health systems, provide more support to the most affected businesses and communities, and share their experiences with other affected countries later.

My institution aims to be this line of transmission of experience so that we can accelerate action to reduce suffering, she said. It is our main role to help this mobilization of action and ensure that fewer people die, less suffering. It is a serious epidemic. It must be approached with the same seriousness but also with the feeling that we can do something to reduce the impact.

Georgieva acknowledged that the global economy was in a worse position than it was at the start of the year, but said the financial system was much stronger than it was. it was not during the 2008 recession, in part because of the synchronized action of central banks.

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