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Joint Statement by the Chair of International Monetary and Financial Committee and the Managing Director of the International Monetary Fund

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Via IMF (Den Internationale Valutafond)

Joint Statement by the Chair of International Monetary and Financial Committee and the Managing Director of the International Monetary Fund

March 27, 2020

Washington, DC –
International Monetary and Financial Committee Chair Lesetja Kganyago and
International Monetary Fund Managing Director Kristalina Georgieva issued
the following statement following today’s conference call of the
International Monetary and Financial Committee.

“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. Member countries
have already taken extraordinary actions to save lives and safeguard economic activity. But more is needed. Priority should be
afforded to targeted fiscal support to vulnerable households and businesses
to accelerate and strengthen the recovery in 2021.

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

Strong and coordinated policy actions, including at the multilateral level,
are key to effectively resolve this global crisis. To this end, IMFC
members welcomed the IMF’s expeditious efforts to support an exceptionally
high number of countries requiring IMF emergency financing at the same
time, as well as its close cooperation with other international financial
institutions, especially the World Bank Group. The IMF stands ready to use
its US$1 trillion financial capacity to support its member countries.

Reflecting the extraordinary challenges, the IMF has already taken action
to provide relief for debt repayments for its poorest members under the
Catastrophe Containment and Relief Trust and is being called upon to
strengthen its crisis response by enhancing access to its emergency
facilities under the Rapid Credit Facility and Rapid Financing Instrument.
Going beyond its traditional lending facilities, the IMF will explore
additional options to help members that experience foreign exchange

These issues will be discussed by the IMF’s Executive Board in the coming
weeks with a view to bringing a strong package of measures for the IMFC’s
consideration at the Spring Meetings. Our common goal is to make the IMF’s
crisis response even more effective in helping its members achieve a faster
and stronger recovery.”

IMF Communications Department

PRESS OFFICER: Alistair Thomson

Phone: +1 202 623-7100Email:


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