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'Crisis Like No Other': IMF Leader Says Recession Sparked by Coronavirus Pandemic Way

Representative image.

Representative image.

IMF managing director Kristalina Georgieva said 90 countries have already approached the institution for emergency financing and called on nations to prioritise health expenditures and to make sure doctors, nurses and other health workers are paid.

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The head of the International Monetary Fund says the recession sparked by the coronavirus pandemic is "way worse" than the 2008 global recession.


IMF managing director Kristalina Georgieva is describing the situation as "a crisis like no other". "Never in the history of the IMF have we witnessed the world economy coming to a standstill," she said.

"We are now in recession, it is way worse than the global financial crisis and it is a crisis that requires all of us to come together," she said, adding 90 countries have already approached the institution for emergency financing.


She is calling on countries to prioritise health expenditures and to make sure doctors, nurses and other health workers are paid. She adds that the world's most fragile countries must be protected, noting that $90 billion have flown out and damaged emerging economies.


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