IMF Makes a $50bn Aid Package to Battle Covid-19 Outbreak

International Monetary Fund (IMF) announced a $50 billion to help address coronavirus on Wednesday. 

The IMF is making available about $50 billion through the emergency financing facilities for low income and emerging market countries that seek for a support. The money will immediately available and will be interest-free for the poorest members through the Rapid Credit Facility.

Kristalina Georgieva, Managing Director of IMF, addressed “For low-income countries, we have rapid-disbursing emergency financing of up to $10 billion (50 percent of quota of eligible members) that can be accessed without a full-fledged IMF program.” 

“Other members can access emergency financing through the Rapid Financing Instrument. This facility could provide about $40 billion for emerging markets that could potentially approach us for financial support.” said Georgieva

Meanwhile one day earlier (March 3) the World Bank has issued a $12 billion immediate support for COVID-19 country response.

An initial package aid will assist counties coping with the health and economic impacts of the global outbreak