(Ecofin Agency) - The International Monetary Fund (IMF) announced the disbursement of $50 billion to help counter the current coronavirus crisis. The announcement was made on March 4 by the institution’s MD, Kristalina Georgieva (pictured), during a press conference.

The initiative includes emergency financing facilities for the IMF's partner countries. According to Kristalina Georgieva, nearly $10 billion is available at zero interest for the poorest countries through a fast-track credit facility. The remaining $40 billion of the funding, could be disbursed through the fast-track financing facility targeting emerging countries that may seek IMF’s assistance in dealing with the epidemic.

The announcement comes at a time when covid-19 is spreading rapidly across all continents, with nearly 96,000 cases, 3284 deaths and 84 countries and territories affected. According to IMF, this situation is expected to have a major impact on the world economy, which is still trying to recover from the trade tensions of 2019.

“Whatever the scenario, global growth in 2020 will be below last year's level. The extent and duration of this decline are difficult to predict and depend on the epidemic, and also on how quickly and effectively we act,” said Kristalina Georgieva.

The World Bank has also announced a financial contribution to the fight against the virus. $12 billion will be granted by the institution to developing countries to address the health and economic consequences of the coronavirus.

Moutiou Adjibi Nourou