IMF bemoans Coronavirus effects

The rapidly spreading Coronavirus (COVID-19) has resulted in uncertainly that will impact on global markets in the near-term, the International Monetary Fund (IMF) has said.

Currently, over 93,150 confirmed cases of the coronavirus have been reported across the world, in 78 countries.

3,198 deaths have resulted from the global pandemic. Almost 50,700 people are reported to have recovered from the illness.

In recent days, Japan, New Zealand, China, South Korea, and Australia have reported new cases.
“The IMF’s 189 member countries stand united to address the global challenges related to the Coronavirus (COVID-19) epidemic and we extend our sympathies to all those affected.

“The economic and financial impact has also been felt globally, creating uncertainty and damaging near-term prospects,” said the IMF during a teleconference call chaired by Governor of the South African Reserve Bank Lesetja Kganyago and Managing Director of the International Monetary Fund Kristalina Georgieva.

“We are determined to provide the necessary support to mitigate the impact, especially on the most vulnerable people and countries. We have called upon the IMF to use all its available financing instruments to help member countries in need.

“We are confident that, working together, we will overcome the challenge facing us and restore growth and prosperity for all.”

The World Bank has since announced a $12 billion package to assist countries that have been affected by the epidemic.

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