IMF sees pandemic causing global recession in 2020, recovery in 2021 – Gulf Today

IMF sees pandemic causing global recession in 2020, recovery in 2021 – Gulf Today

Georgieva said the outlook for global growth was negative and the IMF now expected "a recession at least as bad as during the global financial crisis or worse.". Several low- and middle-income countries have asked for an allocation for the Special Drawing Right, an international reserve asset created by the IMF in 1969 to supplement its member countries' official reserves, as was done during the global financial crisis, she said.. Malpass, in a statement to G20 finance ministers and central bank governors released by the World Bank, also called on G20 creditor nations to allow the poorest countries to suspend all payments on bilateral debt while they battle the virus.. Malpass said the poorest countries should be allowed to concentrate their resources on their health responses to the crisis.. "I'm calling on the G20 leaders to allow the poorest countries to suspend all repayments of official bilateral credit, until the World Bank and the IMF (International Monetary Fund) have made a full assessment of their reconstruction and financing needs," he said in a statement..