The International Monetary Fund (IMF) proposed to release its full $1 trillion lending capacity to support countries that battle the COVID-19 outbreak. The IMF described the COVID-19 pandemic as a crisis like no other crisis ever. The announcement was made by the IMF head Kristalina Georgieva.
In the first-ever virtual annual spring meeting of the IMF and the World Bank in Washington, the IMF announced its plans to double emergency financial assistance. The IMF Board has already approved debt relief for 25 of its poorest members due to the COVID-19 crisis. The G20 Finance ministers showed unanimous support for the Fund to raise more capacity for concessional funding for poor countries.
