IMF Managing Director Kristalina Georgieva at Joint Press Conference with World Bank Group President David Malpass on the Coronavirus Response - Photo by IMF Office

JAKARTA (TheInsiderStories) – International Monetary Funds (IMF) makes available US$50 billion to help address the impact of coronavirus, said the managing director yesterday (03/04). The other two Funds, World Bank Group has pledged $12 billion and Asian Development Bank adds $2 billion to help the developing countries tackle the epidemic.

Managing director of IMF Kristalina Georgieva at joint presser with World Bank Group president David Malpass announced the funds will distributes through its rapid-disbursing emergency financing facilities for low income and emerging market countries that could potentially seek support.

Of this, $10 billion is available at zero interest for the poorest members through the Rapid Credit Facility.

“We know that the disease is spreading quickly. With over one-third of our membership affected directly, this is no longer a regional issue – it is a global problem calling for a global response. We also know that it will eventually retreat, but we don’t know how fast this will happen,” said the Fund’ leaders.

They also noted, under any scenario, global growth in 2020 will drop below last year’s level. How far it will fall, and for how long, is difficult to predict, and would depend on the epidemic, but also on the timeliness and effectiveness of our actions, they adds.

The Banks said, this new fast track package will help developing countries strengthen health systems, including better access to health services to protect people from epidemics, strengthen disease surveillance, improve public health interventions, and work with the private sector to reduce the impact on the economy.

“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. We 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,” said managing director of IMF, Kristalina Georgieva and World Bank’ president, David Malpass in a joint statement.

They continued, both parties will use available instruments to the fullest extent possible, including emergency financing, policy advice, and technical assistance.

It said, “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 coronavirus outbreak outside chine is deepening. World Health Organization (WHO) estimates the mortality rate has increased from around 2 percent to 3.4 percent. In United States, Anthony Fauci, the top virus expert, told Congress 80 percent of case spontaneously get better.

In Italy, the number of deaths surged in Italy and become the most deaths in the world outside China. The government there is considering new quarantine zones to tackle the virus. Worrying developments in Iran too, where 77 people have died and more than 2,000 have been confirmed to have the infection.

In the United States (US), the death toll now stands at nine with the outbreakcentered on a nursing home but there are concerns the infection may have been spreading in the community for some time.

In more positive news, the number of new cases in China appears to be slowing. The World Health Organization says our understanding of the new virus is rapidly increasing and more governments are announcing concrete plans to deal with the outbreak.

China’ data continues to show the outbreak there is slowing. The country reported 119 new confirmed cases to the end of March 3, compared with 125 the day before. Its now had 80,270 cases since the virus first appeared in Wuhan late last year. An additional 38 people died on March 3, bringing the death toll in mainland China to 2,981.

Latest data from the Korea Centers for Disease Control and Prevention shows 516 new cases of coronavirus in the northeast Asian country – a day after President Moon Jae-in declared ‘war’ on the infection.

South Korea now has 5,328 cases with 32 deaths in the largest outbreak outside China. The KCDC updates the data twice a day.

A woman who works in a nursing home in northern Sydney has been confirmed to have the coronavirus, raising concerns for the elderly people who live there. The Sydney Morning Herald newspaper says the woman is in her 50s and picked up the virus locally – the third such case in Australia.

In Indonesia, the number of cases rises to four peoples and its estimating the virus spread also hampered other city beside West Java.

Written by Staff Editor, Email: theinsiderstories@gmail.com