IMF to allocate USD 1 trillion of reserve fund to combat COVID-19

For the first time in 75 years, 85 countries simultaneously applied to the International Monetary Fund (IMF) for emergency financing. This was announced by the IMF managing director, Kristalina Georgieva, at a briefing held by the World Health Organization.

The IMF is ready to use its entire reserve fund, which amounts to USD 1 trillion, to help countries overcome the crisis caused by the coronavirus pandemic.

According to Georgieva, the current situation even worse than the one took place in 2008 – 2009.

Read also: IMF Managing Director: Nearly 80 countries ask for help to combat COVID-19.