Stock Surges 22pts to 1,400 as IMF Announces a $50bn Aid Package to Fight Virus Outbreak

SET Index surged near 22 points to 1,400.62 points as of 10:15 on Thursday, March 5, following a huge rebound for over 1,000 points in Dow Jones last night.

 

The surge came not just in Thailand, but also in Asia markets after the International Monetary Fund (IMF) announced a $50 billion aid package last night for low-income and emerging countries to help fight the coronavirus. The money is available “immediately,” stated IMF.

“What we’re doing right now is reviewing country by country what are the financial needs, and engaging with these countries to make sure they are aware of this resource and we can immediately respond to them,” said IMF’s Managing Director Kristalina Georgieva to CNBC’s Squawk Alley. “We’re in an early stage of engagement, but I can assure you that we will act very quickly as requests come.”

More importantly, Georgieva stated that most of the money will be interest-free while countries do not need to have a preexisting program with the IMF to participate.

The IMF expects the money to be funded to health-care systems, then for target fiscal stimulus plans as well as to help liquidity.