The International Monetary Fund has warned that the European economy will recover at a slower than expected pace over the next year.
According to Arabiya Net, the Fund said that more stimulus packages may be needed as the epidemic worsens.
The Fund said that the recovery depends on the speed and effectiveness of distributing vaccines, and that it advises banks to maintain conservative measures until the recovery begins.
The IMF did not change its forecast of economic performance in the European region, as it expected a contraction of 8.3% for the current year, and a recovery of 5.2% next year.
The Director-General of the International Monetary Fund, Kristalina Georgieva, said in previous statements that the organization will provide $ 50 billion in emergency assistance to support countries in facing the effects of the outbreak of the Corona virus. / p>
She added that the Fund believes that acting urgently to increase the capacity of health systems every place is very important, adding that she wants to see measures designed to respond to what may have a deeper impact. For companies and families.
and the statement indicated that the fund will save about $ 10 billion of these funds at zero interest, and will be directed to the poorest members of the fund through fast credit facilities.
Georgieva added that there is a lot of uncertainty in the global economy, as it is not clear how long the outbreak will last.
This comes on the heels of the World Bank's announcement on Tuesday of an initial package of up to $ 12 billion to help member states face the health and economic impacts of the Coronavirus.
