Kristalina Georgieva: We are in recession

(Patria) – The consequences of the coronavirus pandemic on the economy are 'significantly worse than the global financial crisis', said the head of the International Monetary Fund (IMF) on Friday.

Kristalina Georgieva announced that this organization is ready to reach for a reserve of one trillion dollars for the most vulnerable.

Georgieva stated this during a press conference of the World Health Organization, when she also stated that the IMF 'has never in its history witnessed such an economic standstill – we are in recession'.

She added that just as the fatal disease affects the vulnerable who already suffer from chronic diseases, it particularly affects weakened economies.

- We have 1 trillion dollars in reserves and we are determined to use as much as necessary to protect economies from this crisis, Georgieva stated, adding that more than 90 countries have requested financial assistance from the IMF.