IMF plans to allocate $650bn for global economic recovery after COVID crisis
<p> MINSK, Mar 24 - PrimePress. The International Monetary Fund (IMF) plans to channel $650 billion to facilitate global economic recovery after the COVID crisis - a plan to this effect will be submitted to the IMF Board of Governors by June 2021, IMF Managing Director Kristalina Georgieva said on March 24. </p> <p> </p> <p> “I intend to present by June a formal proposal to the Executive Board to consider a new allocation of US$650 billion, based on an assessment of IMF member countries’ long-term global reserve needs,” Prime reports citing Georgieva in the IMF press-release. </p> <p> </p> <p> She also noted that the approval of the new package would be a significant addition to liquidity for member states without adding to their debt. It would also free up resources for member countries for pandemic control, vaccination and other crisis response measures, Georgieva said. </p> <p> </p> <p> The IMF estimates global gross domestic product (GDP) losses due to the pandemic coronavirus crisis at $28 trillion over five years. Since March 2020, the IMF has approved crisis lending commitments for 81 countries totalling more than $90 billion. The IMF's cumulative lending capacity is around $1 trillion. </p> <p> </p> <p> As previously reported, Belarus and the IMF did not come to an agreement on a $900 million loan program under the Rapid Financing Instrument. The government and the National Bank of Belarus applied for support in March 2020, pointing at the worsening global economic situation and the coronavirus pandemic. Director of the IMF’s Communications Department Gerry Rice said on September 10 that the agreement on providing Belarus with emergency assistance was not reached, since the Belarusian authorities did not guarantee “appropriate political measures to ensure that funds would be used to combat the pandemic and promote economic stability.” This was about measures to contain the pandemic in accordance with recommendations of the World Health Organization, which is a standard procedure of the IMF for all countries that apply for assistance. </p> <p> </p> <p> President Alexander Lukashenko said on June 19 that Belarus would not fulfill the IMF’s additional credit terms, which do not relate to the financial component. In particular, he said, the IMF demanded “quarantine, isolation and curfews”, which was unacceptable for the country. End </p>
2021-03-25
Primepress
IMF plans to allocate $650bn for global economic recovery after COVID crisis
MINSK, Mar 24 - PrimePress. The International Monetary Fund (IMF) plans to channel $650 billion to facilitate global economic recovery after the COVID crisis - a plan to this effect will be submitted to the IMF Board of Governors by June 2021, IMF Managing Director Kristalina Georgieva said on March 24.
“I intend to present by June a formal proposal to the Executive Board to consider a new allocation of US$650 billion, based on an assessment of IMF member countries’ long-term global reserve needs,” Prime reports citing Georgieva in the IMF press-release.
She also noted that the approval of the new package would be a significant addition to liquidity for member states without adding to their debt. It would also free up resources for member countries for pandemic control, vaccination and other crisis response measures, Georgieva said.
The IMF estimates global gross domestic product (GDP) losses due to the pandemic coronavirus crisis at $28 trillion over five years. Since March 2020, the IMF has approved crisis lending commitments for 81 countries totalling more than $90 billion. The IMF's cumulative lending capacity is around $1 trillion.
As previously reported, Belarus and the IMF did not come to an agreement on a $900 million loan program under the Rapid Financing Instrument. The government and the National Bank of Belarus applied for support in March 2020, pointing at the worsening global economic situation and the coronavirus pandemic. Director of the IMF’s Communications Department Gerry Rice said on September 10 that the agreement on providing Belarus with emergency assistance was not reached, since the Belarusian authorities did not guarantee “appropriate political measures to ensure that funds would be used to combat the pandemic and promote economic stability.” This was about measures to contain the pandemic in accordance with recommendations of the World Health Organization, which is a standard procedure of the IMF for all countries that apply for assistance.
President Alexander Lukashenko said on June 19 that Belarus would not fulfill the IMF’s additional credit terms, which do not relate to the financial component. In particular, he said, the IMF demanded “quarantine, isolation and curfews”, which was unacceptable for the country. End