COVID-19: IMF, World Bank pledge to help member countries

Joseph Inokotong, Abuja

International Monetary Fund (IMF), and the World Bank have expressed readiness to assist member countries address economic challenges posed by the COVID-19 virus.

In a joint statement from the Managing Director, IMF, Kristalina Georgieva and President, World Bank Group, David Malpass, both heads of international financial institutions said engagements with country authorities have commenced, and that special attention is being paid to poor countries “where health systems are the weakest and people are most vulnerable”.

The statement reads in part: “The IMF and the World Bank Group stand ready to help our member countries address the human tragedy and economic challenge posed by the COVID-19 virus.

“We are engaged actively with international institutions and country authorities, with special attention to poor countries where health systems are the weakest and people are most vulnerable.

“We will use our available instruments to the fullest extent possible, including emergency financing, policy advice, and technical assistance.

“In particular, we have rapid financing facilities that, collectively, can help countries respond to a wide range of needs. The strengthening of country health surveillance and response systems is crucial to contain the spread of this and any future outbreaks.

“International cooperation is essential to deal with the health and economic impact of the COVID-19 virus. The IMF and the World Bank Group are fully committed to provide the support that people in our member countries expect from us.”