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IMF, World Bank to help countries to combat coronavirus

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The IMF and World Bank said they “stand ready to help” countries deal with the financial and health effects of the coronavirus, suggesting that a global response could soon be forthcoming.

The two global institutions in a joint statement on Monday said that they are engaged actively with international institutions and country authorities, with special attention to poor countries where health systems are the weakest and people are most vulnerable.

The statement signed by IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass reads, “We will use our available instruments to the fullest extent possible, including emergency financing, policy advice, and technical assistance. The strengthening of country health surveillance and response systems is crucial to contain the spread of this and any future outbreaks.

 “The IMF and the World Bank Group stand ready to help our member countries address the human tragedy and economic challenge posed by the COVID-19 virus. We have engaged actively with international institutions and country authorities, with special attention to poor countries where health systems are the weakest and people are most vulnerable”, they said.

The institutions added, “We will use our available instruments to the fullest extent possible, including emergency financing, policy advice, and technical assistance.

“In particular, we have rapid financing facilities that, collectively, can help countries respond to a wide range of needs. The strengthening of country health surveillance and response systems are crucial to contain the spread of this and any future outbreaks.

“International cooperation is essential to deal with the health and economic impact of the COVID-19 virus. The IMF and the World Bank Group are fully committed to provide the support that people in our member countries expect from us”, the global financial institutions stated.

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