More than 80 countries, mostly of low incomes, have asked the IMF for help, the fund’s chief Kristalina Georgieva says. (Photo: AFP/Brendan Smialowski) “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 US$2.5 trillion.” But she warned that estimate “is on the lower end.” Governments in emerging markets, which have suffered an exodus of capital of more than US$83 billion in recent weeks, can cover much of that, but “clearly the domestic resources are insufficient” and many already have high debt loads. Over 80 countries, mostly of low incomes, have already have requested emergency aid from the International Monetary Fund, she said. “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… Read full this story
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