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. "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.
With the worldwide economic "sudden stop," Georgieva said the fund's estimate "for the overall financial needs of emerging markets is $2.5 trillion." But she warned that estimate "is on the lower end." Recovery is projected in 2021, but only if virus can be contained and can prevent liquidity problems from becoming solvency issues, said Georgieva Governments in emerging markets, which have suffered an exodus of