IMF: $1 trillion war chest is ready to mobilize

International Monetary Fund Managing (IMF) Director Kristalina Georgieva said, the Covid-10 was way worse than the global financial crisis, adding that the "$1 trillion war chest is ready to mobilize."

Georgieva said the IMF was working with the World Bank and WHO to advance their call for China and other official bilateral creditors to suspend debt collections from the poorest countries for at least a year until the pandemic subsides.

She said China had engaged "constructively" on the issue, and the IMF would work on a specific proposal in coming weeks with the Paris Club of creditor nations, the Group of 20 major economies and the World Bank for review at the annual Spring Meetings, which will be held online in about two weeks."We are now in recession. It is way worse than the global financial crisis" she pointed out.Georgieva noted that the IMF has a $1 trillion war chest and is ready to mobilize "as much as necessary" to protect the global economy.She stressed that the pandemic poses a "threat to the whole world" but noted it is most important to help the countries with most vulnerable economies as they will suffer the most.