IMF's Resilience and Sustainability Trust (RST) will come into effect on May 1, which aims to help countries affected by the fallout of Covid-19 and the climate crisis.
Allocation will provide additional liquidity to global economic systems, add to member countries’ FX reserves and reduce their reliance on more expensive domestic or external debt, IMF Managing Director Kristalina Georgieva says.
IMF Managing Director Kristalina Georgieva said that when the IMF releases its updated economic forecast next week, it will show the global economy growing at a faster pace than the 5.5 percent gain it projected at the start of the year.
World's top economies are virtually debating Covid-19 action plan and measures to stem the pandemic's impact on global economies, including debt relief for the poorest countries.
G20 finance ministers and central bankers say the global economy would recover as economies gradually reopen, but said further actions were needed to ensure growth.
Ukraine will receive an immediate disbursement of about $2.1 billion from the 18-month Stand-By Arrangement, the IMF said in a statement.
Trade is the key to China’s and Indonesia’s economic recovery. But this will be hampered by their new World Trade Organization designation.
The World Bank's report projects that growth in China and other East Asian-Pacific countries will slow to 2.1 precent this year from 5.8 percent in 2019 under a “baseline” forecast in which economic recovery takes hold this summer.
Will we see a new cold war emerge?
"It is clear that we have entered a recession" that will be worse than in 2009 following the global financial crisis, IMF chief Kristalina Georgieva said.
Global growth was poised for a modest rebound to 3.3 percent this year, up from 2.9 percent last year, International Monetary Fund chief Kristalina Georgieva said.
Grinding trade disputes are undermining the global economy, which is set to see its slowest growth in nearly a decade, new chief of International Monetary Fund Kristalina Georgieva warns.
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