We have entered recession: IMF chief

The global economic situation is going into sharp recession, that is also witnessed by the Kristalina Georgieva, Managing Director- International Monetary Fund (IMF). The coronavirus pandemic has driven the global economy into a downturn that will require massive funding and more than 80 countries, mostly of low incomes, have asked the IMF for help, the fund's chief Kristalina Georgieva says.

"We do know that their own reserves and domestic resources will not be sufficient," Georgieva said, adding that the fund is aiming to beef up its response "to do more, do it better, do it faster than ever before."

She also welcomed the US$2.2 trillion economic package approved by the US Senate, saying "it is absolutely necessary to cushion the world's largest economy against an abrupt drop the economic activities."

The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday.

With the worldwide economic "sudden stop," Georgieva said the fund's estimate "for the overall financial needs of emerging markets is US$2.5 trillion. It is clear that we have entered a recession" that will be worse than in 2009 following the global financial crisis, she said in an online press briefing. Georgieva added.

The IMF chief also spoke to reporters over a virtual meeting with the Washington-based lender's steering committee, when she also requested an increase in the fund's fast-deploying emergency facilities from their current level of around $50 billion.