Washington: The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday.
"It is clear that we have entered a recession" that will be worse than in 2009 following the global financial crisis, she said in an online press briefing.
With the worldwide economic "sudden stop," Georgieva said the fund's estimate "for the overall financial needs of emerging markets is 2.5 trillion."
But she warned that estimate "is on the lower end." Governments in emerging markets, which have suffered an exodus of capital of more than 83 billion in recent weeks, can cover much of that, but "clearly the domestic resources are insufficient" and many already have high debt loads.
Over 80 countries, mostly of low incomes, have already have requested emergency aid from the International Monetary Fund, she said.
"We do know that their own reserves and domestic resources will not be sufficient," Georgieva said, adding that the fund is aiming to beef up its response "to do more, do it better, do it faster than ever before."
The IMF chief spoke to reporters following a virtual meeting with the Washington-based lender's steering committee, when she officially requested a increase in the fund's fast-deploying emergency facilities from their current level of around 50 billion.
She also welcomed the 2.2 trillion economic package approved by the US Senate, saying "it is absolutely necessary to cushion the world's largest economy against an abrupt drop the economic activities."
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Lucknow (PTI): Denied a ticket from Pilibhit Lok Sabha seat, BJP MP Varun Gandhi on Thursday wrote an emotional letter to the people of his constituency in which he asserted that his relationship with them will remain intact till his last breath.
Sharing the letter on X, he said, his relationship with Pilibhit is one of love and trust which is far above any political calculations.
The BJP has fielded Uttar Pradesh Public Works Minister Jitin Prasada from Pilibhit replacing Gandhi, who has been vocal against his own government several times on the issue of inflation and unemployment.
Prasada had filed his nominations on this seat on Wednesday.
Recounting his association with the constituency, he said "Today, when I am writing this letter, countless memories have made me emotional. I remember that little three-year-old child who came to Pilibhit for the first time in 1983 holding the fingers of his mother. Little did he know that one day this land would become his work place and the people here would become his family".
"The ideals given by Pilibhit were instrumental in my upbringing and development not only as an MP but also as a person. Being your representative has been the greatest honour of my life and I have always raised my voice for your interests to the best of my ability," he said.
Varun Gandhi said his tenure as an MP may be coming to an end, but his relationship with Pilibhit can't end till his last breath.
"If not as an MP, then at least as a son, I am committed to serve you throughout my life and my doors will always remain open for you as before. I came into politics to raise the voice of the common man and today I seek your blessings to continue doing this work always. Even if I have to pay any cost for this," he added.
This is for the first time in over three decades that the mother-son duo of Maneka and Varun Gandhi will not be in the fray from the Pilibhit constituency which is located in the Terai belt bordering Nepal.
The denial of ticket to Varun Gandhi this time did not come as a surprise as he has been criticising the BJP on the issues of farmers, health and jobs.
After he was replaced by Prasada, reports did the rounds that Varun Gandhi might contest from the seat as an independent candidate. The suspense ended on Wednesday when he did not turn up before the nominations ended.
His mother Maneka Gandhi, the sitting MP from Sultanpur, was, however, given another chance from the same seat by the BJP.
The Pilibhit seat has remained with Maneka Gandhi or her son Varun Gandhi since 1996.
Maneka Gandhi won the seat on a Janata Dal ticket in 1989, lost in 1991 and won again in 1996. She won from the constituency in 1998 and 1999 as an Independent candidate. She won the seat in 2004 and 2014 as a BJP candidate.
Varun Gandhi won the seat in 2009 and 2019 as a BJP candidate.
प्रणाम पीलीभीत 🙏 pic.twitter.com/D6T3uDUU6o
— Varun Gandhi (@varungandhi80) March 28, 2024