'We are in an unprecedented situation where a global health pandemic has turned into an economic and financial crisis. With a sudden stop in economic activity, global output will contract in 2020," they said a statement.
Member countries have already taken extraordinary actions to save lives and safeguard economic activity. But more is needed, they said.
"Priority should be afforded to targeted fiscal support to vulnerable households and businesses to accelerate and strengthen the recovery in 2021," they said in the joint statement.
Although the greatest health impact has been in advanced economies, emerging market and developing countries, especially low-income countries, will be particularly hard hit by a combination of a health crisis, a sudden reversal of capital flows and, for some, a sharp drop in commodity prices.
Many of these countries need help to strengthen their crisis response and restore jobs and growth, given foreign exchange liquidity shortages in emerging market economies and high debt burdens in many low-income countries.
"Strong and coordinated policy actions, including at the multilateral level, are key to effectively resolve this global crisis," they said.
To this end, IMFC members welcomed the
Reflecting the extraordinary challenges, the
Going beyond its traditional lending facilities, the
These issues will be discussed by the
"Our common goal is to make the
© Pakistan Press International, source