IMF Leader Says Virus Is “Crisis Like No Other’

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FILE - In this Feb. 14, 2020 file photo, Kristalina Georgieva, Managing Director of the International Monetary Fund, attends a session on the first day of the Munich Security Conference in Munich, Germany. Georgieva said Friday, March 27, it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn. She said the 189-nation lending agency was forecasting a recovery in 2021, saying it could be a “sizable rebound.” But she said this would only occur if nations succeed in containing the coronavirus and limiting the economic damage(AP Photo/Jens Meyer, File)

GENEVA — The head of the International Monetary Fund says the recession sparked by the coronavirus pandemic is “way worse” than the 2008 global recession.

IMF managing director Kristalina Georgieva is describing the situation as “a crisis like no other.”

“Never in the history of the IMF have we witnessed the world economy coming to a standstill,” she said. “We are now in recession, it is way worse than the global financial crisis and it is a crisis that requires all of us to come together.”

Georgieva says 90 countries have already approached the institution for emergency financing. She is calling on countries to prioritize health expenditures and to make sure doctors, nurses and other health workers are paid. She adds that the world’s most fragile countries must be protected, noting that “$90 billion have flown out” and damaged emerging economies.

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