The International Monetary Fund (IMF) said on Tuesday its members have agreed to renew arrangements ensuring the fund has lending firepower, especially as the coronavirus pandemic creates a demand for financing.
“This action is part of a broader package on IMF resources and governance reform that will help maintain the IMF’s lending capacity of USD 1 trillion,” the fund said in a statement. IMF Managing Director Kristalina Georgieva last week said the global economy already has entered recession due to the sudden stop in activity caused by the pandemic.
