"We have reassessed the prospect for growth for 2020 and 2021".
The IMF said so far SDR 204.2 billion ($281 billion) has been allocated to members, including SDR 182.6 billion given out in 2009 in the wake of the global financial crisis. The economy will require massive funding to help the developing nations turn around from the downturn resulting from the pandemic, the International Monetary Fund chief said.
The IMF chief spoke to reporters following a virtual meeting with the fund's steering committee.
The key to recovery in 2021, she said, is only if the global community succeeds in containing the virus everywhere and prevent liquidity problems from becoming a solvency issue.
"The US is in recession, as is the rest of the advanced economies of the world".More news: How major United States stock indexes fared Friday
Many of these emerging markets will experience a contraction as necessary containment measures take their toll, and are shocked by reduced global demand for their exports - tourism, commodities, and manufactured goods - that provide critical streams of foreign exchange. How severe? We are working now on our projections for 2020, ?
The Trust, Mrs Georgieva said, was being called upon to strengthen its crisis response by enhancing access to its emergency facilities under the Rapid Credit Facility and Rapid Financing Instrument.
She said the International Monetary Fund was updating its economic outlook now and it would be released in a few weeks, allowing the agency more time to assess the economic impacts of the virus.
We will get through this crisis together.
She said a key concern is the risk of bankruptcies and layoffs will undermine any recovery and the impact would be felt especially sharply in emerging markets. But she warned that the estimate is on the lower side.More news: Spain's COVID-19 toll surpasses 4,850
The IMF chief said 81 emergency financing requests, including 50 from lower-income countries, have been received.
"We believe this is on the lower end".
"We are being asked by our members to do more, do it better, and do it faster than ever before - and to do it in collaboration with the World Bank and our other partners", she said. In this backdrop, the G-20 countries on this day pledged to inject over $5 trillion into the global economy to counteract the social, economic, and financial impact of the virus.
She noted that the worldwide economy came to a "sudden stop".
"And also to apply well-targeted measures, primarily focusing on the health system to absorb that enormous stress that comes from coronavirus".More news: National Basketball Association analyst Doris Burke tests positive for coronavirus
To support this, last night the International Monetary Fund launched a policy actions tracker for 186 countries to help us all to see who is doing what. It is now clear that we have entered a recession - as bad or worse than in 2009. "We also want to think about what is going to follow the recovery and make sure that we are putting forward measures that can be supportive in this regard", she said.