IMF Managing Director: "Governments and Central Banks Must Prepare Measures Against COVID-19"

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), is talking with Li Keqiang, Premier of China.
[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), urged governments and central banks worldwide to take measures in response to the COVID-19 outbreak.

Georgieva made these remarks on the 14th (local time) during a press conference and media interviews while attending the Munich Security Conference in Munich, Germany, assuming the economic impact of COVID-19 becomes evident.

She said it is risky to predict economic damage at this stage, adding, "We must hope for the best but prepare for the worst."

She assessed that it is difficult to simply compare the COVID-19 situation to the previous Severe Acute Respiratory Syndrome (SARS) outbreak. When SARS spread, China accounted for 8% of the global economy, but now it accounts for 19%, implying concerns about greater damage. She also highlighted that the current global economy is relatively sluggish compared to the time of the SARS outbreak.

Georgieva expressed particular concern about the spread of COVID-19 beyond China to other countries. She stated, "The IMF is closely monitoring the possibility of COVID-19 spreading to regions outside China," and warned, "If it spreads to countries with weak public health systems, such as in Africa, it could pose a serious threat."

Coincidentally, on the same day, the Egyptian Ministry of Health announced that "one foreign national was confirmed as a COVID-19 case and reported to the World Health Organization (WHO)." This is the first confirmed COVID-19 case reported on the African continent.