Apr 16, 2020, 04:08:46 PM | AP
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If economies re-open quickly, Covid-19 epidemic may resurge: IMF

The head of the International Monetary Fund spoke with epidemiologist for answers on how to move forward after the lending agency is facing huge demand for support from its members during the global pandemic. Managing Director Kristalina Georgieva said the agency is prepared to commit its full $1 trillion in lending capacity to meet the demand, and asked experts from Imperial College about the impact of the pandemic on public health and the global economy. In a teleconference, Georgieva asked Professors Neil Ferguson and Azra Ghani advice as epidemiologist, on how to go about re starting economies after this period of forced lockdown. Professor Neil Ferguson, Director of J-IDEA, Imperial College, London said: "The challenge we face is if we lift these measures too quickly, we will just get a resurgence of the epidemic. And it could be even worse than the first time." Georgieva during a teleconference said a decision was taken Wednesday by the finance ministers and central bank presidents of the Group of 20 major industrial countries to declare a suspension of debt payments for low income countries. The debt suspension from May 1 through the end of this year is aimed at allowing poor countries to keep an estimated $12 billion that they can use for meeting health care and other needs stemming from the coronavirus. Georgieva said that the IMF has already doubled its emergency assistance programs from $50 billion up to $100 billion. "We aim to have this delivered within weeks, not to within months," she said. At the same time, the agency is preparing to assist to restart economic growth as countries emerge from the crisis. "We have to be mindful of the difficulties that emerging markets, developing countries would be experiencing. And we have to do for them what advanced economies do for themselves," she said. It is important that the IMF and individual governments put measures in place to deal with those issues, she said. For most people, the new coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia and death.

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