WASHINGTON - The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said on Friday .
With the worldwide economic"sudden stop," Georgieva said the fund's estimate"for the overall financial needs of emerging markets is US$2.5 trillion." That equates to S$3.5 trillion.Governments in emerging markets, which have suffered an exodus of capital of more than US$83 billion in recent weeks, can cover much of that, but"clearly the domestic resources are insufficient" and many already have high debt loads.
"We do know that their own reserves and domestic resources will not be sufficient," Georgieva said, adding that the fund is aiming to beef up its response"to do more, do it better, do it faster than ever before."
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