The No. 2 official at the International Monetary Fund said that the coronavirus crisis is lasting longer than expected.
And he also said that it will take some countries years to return to growth.
On Wednesday, Sept. 23, 2020, the Fund has provided some USD 90 billion in total financing to 79 countries, including 20 in Latin America, since the start of the health crisis.
IMF is continuing to work with member countries on how to contain the pandemic and mitigate its economic impact.
First Deputy Managing Director Geoffrey Okamoto told an online event hosted by the Center for Strategic and International Studies, “We’re trying to preserve our financial firepower. We’re talking about a return to growth that’s going to take a few years, and many countries along the way that are probably going to need assistance.”
As cited News24xx.com from Kompas.com, Latin American and Caribbean economies are the hardest hit in the world by the pandemic.
It’s reporting around 8.4 million coronavirus cases, and more than 314,000 deaths.
And Okamoto also told that Fund officials were in talks with the Group of 20 major economies. They told about extending a temporary halt in official bilateral debt service payments by low-income countries under the Debt Service Suspension Initiative (DSSI), and how to kickstart private sector participation.