IMF official warns COVID-19 will weigh on some economies for years

WASHINGTON: The coronavirus crisis is lasting longer than expected and it will take some countries years to return to growth, the number two official at the International Monetary Fund said on Wednesday .

"We're trying to preserve our financial firepower," Okamoto said."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." The G20 initiative approved in April expires at the end of the year, but experts and government officials in many countries have backed extending it into 2021, with a decision expected in coming weeks and months.

United Nations officials and others have urged the G20 to expand their efforts to include middle-income countries and island nations hit by the collapse of tourism.The issue of debt sustainability was"top of mind" for IMF officials, Okamoto said, noting that many countries in Latin America had debt distress before coronavirus, which had exacerbated those pressures.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Airlines call for COVID-19 tests before all international flightsGlobal airlines on Tuesday called for pre-departure COVID-19 testing for all international passengers to replace the quarantines they blame for ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Chinese state-backed firm expects Covid-19 vaccine approval for public use within months
Source: TODAYonline - 🏆 1. / 99 Read more »

EU regulator in contact with 38 makers of potential COVID-19 vaccinesThe European Medicines Agency has been in contact since the beginning of September with 38 makers of potential COVID-19 vaccines, an official at ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Chinese state-backed firm expects COVID-19 vaccine approval for public use within monthsBEIJING: State-backed vaccine maker China National Biotec Group (CNBG) is hopeful of two of its COVID-19 vaccine candidates receiving conditional ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

'Work from home': Johnson starts to shut down Britain again as COVID-19 spreadsLONDON: British Prime Minister Boris Johnson will tell people on Tuesday (Sep 22) to work from home and will impose new curbs on pubs, bars and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

COVID-19: Hong Kong's Disneyland to reopen on FridayHong Kong's Disneyland said on Tuesday it will reopen on Friday to a reduced number of visitors and limited days, with enhanced health measures ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »