WASHINGTON (AFP) - the arena financial system is facing "intense" financial harm from the coronavirus pandemic that could be even more expensive than in 2009 and could require an unprecedented response, IMF chief Kristalina Georgieva said Monday.

Georgieva called on advanced economies to offer more support to low profits international locations, which face a massive outflow of capital, and said the IMF stands "ready to set up all our $1 trillion lending potential."

As tons of the sector faces mass shutdowns, Georgieva warned finance ministers from the institution of 20 countries that the outlook for 2020 "is poor -- a recession at least as horrific as in the course of the worldwide financial disaster or worse.


the global financial system contracted by using 0.6 percentage in 2009 due to the 2008 worldwide financial crisis, but predominant rising markets like China and India on the time have been developing at a rapid fee.

In evaluation, the coronavirus pandemic is inflicting international financial and human carnage, and a few forecasters now say the downturn will be 1.5 percent.

"The human costs of the coronavirus pandemic are already immeasurable and all countries want to paintings collectively to defend people and restriction the financial damage," Georgieva said.

however, emerging markets and occasional-profits international locations "face significant project" and may need additional economic help or even debt relief.

"buyers have already removed $eighty three billion from emerging markets because the beginning of the disaster, the biggest capital outflow ever recorded," she stated.

almost eighty countries have already requested emergency aid from the IMF to deal with the virus outbreak, Georgieva said.