COVID-19 economic repercussions will remain for years — IMF

COVID-19 economic repercussions will remain for years — IMF

WASHINGTON — The International Monetary Fund (IMF) said on Monday that though the recovery of the coronavirus is under way, the economic fallout from the pandemic would be remain for years. "As of end-April 2021, loans have been approved to 86 countries of more than $110 billion — a record number. But even though the recovery is under way, the economic fallout from the pandemic will be with us for years to come," the IMF added in its annual report. "More than a year into a crisis like no other, the IMF has mobilized a response like no other," it stated. The crisis exacerbated existing, pre-pandemic vulnerabilities, and countries' prospects are diverging, it noted. “The August 2021 approval of a new allocation of Special Drawing Rights (SDRs) is another unprecedented action, wrote Managing Director Kristalina Georgieva in the introduction to the report. “At $650 billion, this is the largest allocation in the IMF’s history, and it will substantially boost the reserves and liquidity of the IMF’s member countries, without adding to their debt burdens. “We are also exploring options for those with strong financial positions to voluntarily channel SDRs to vulnerable countries.” She additionally wrote, “Together with the swift and