IMF, World Bank Funds Ready to Fight Virus Outbreak: Spokesman

The International Monetary Fund and the World Bank are able to provide immediate emergency support to countries in need to tackle the epidemic of coronavirus, said the spokesperson on Thursday.

While they have yet to obtain a request for assistance, contingency plans have now been established by the agencies. We have a range of financial instruments that could be used, "said IMF spokesperson Gerry Rice at a press conference.

As the epidemic has spread beyond China, shuttering production and closing schools in Japan, economists are increasingly worried about a slowdown in the global economy.

“We have various financial instruments that could be used to support countries with balance of payment problems that arise from epidemics or natural disasters,” Rice said, noting that the lenders rapidly deployed funds during the Ebola epidemic.

He singled out China, saying the IMF remains “very supportive” of the country where the coronavirus outbreak started with efforts to tackle its spread.

The Fund and the World Bank expect to soon decide whether to hold their spring meetings in Washington.

Thousands of people attend the twice-yearly gatherings, which attract activists, economists, and investors as well as officials and reporters.

The preparing for the April meeting is "under close scrutiny," Rice said, adding, "We remain optimistic that, whatever the nature of the spring meetings, we will have successful meetings ... and discussion with our leaders."

This week, the US Centers for Disease Control cautioned that the outbreak would hit the American shores and encouraged groups to postpone large meetings.

Health officials on Wednesday announced they’d found the first case of the virus of unknown origin in the United States.

Source: AFP