On April 17, 2020 Union Minister of Finance & Corporate Affairs Nirmala Sitharaman attended the 101st Development Committee plenary Meeting of the International Monetary Fund (IMF) through video conference.
- The items on the agenda include the updates on World Bank group response to the coronavirus pandemic emergency & the COVID-19 Debt Initiative: International Call for Action in Support of International Development Association (IDA) countries.
- The World Bank has decided to grant financial support of 150 to 160 billion USD to combat COVID-19 for the next 15 months and also explore a sustainable solution for debt challenges of the middle-income countries.
Statements made by IMF Managing Director Kristalina Georgieva in the meeting
i.The severe economic impact in the 1st half of 2020 is inevitable & the pandemic encounters a weak public health system.
ii.The pandemic poses a challenge for policymakers in many emerging markets and developing economies (EMDEs).
iii.Before the coronavirus outbreak the world economy was in a slow moving recovery & now will suffer a severe recession in 2020.
About IDA:
It is governed by the Board of Governors of the World Bank, aims to reduce poverty by providing loans (called “credits”) and grants for programs that boost economic growth, reduce inequalities, and improve people’s living conditions. It was launched on September 24, 1960.
