IMF Allocates $ 50 Billion to Help Address Coronavirus

The International Monetary Fund has announced that it is providing $ 50 billion to countries affected by the coronavirus. The organization has warned that the epidemic has already knocked off global economic growth this year from below last year's levels.

"We know that the disease is spreading quickly. With over one-third of our membership affected directly, this is no longer a regional issue - it is a global problem calling for a global response.

We also know that it will eventually retreat, but we don't know how fast this will happen." said IMF Managing Director Kristalina Georgieva.

"Under any scenario, global growth in 2020 will drop below last year's level. How far it will fall, and for how long, is difficult to predict, and would depend on the epidemic, but also on the timeliness and effectiveness of our actions.

This is particularly challenging for countries with weaker health systems and response capacity—calling for a global coordination mechanism to accelerate the recovery of demand and supply.", she added.

Large companies and institutions are trying to limit the economic impact of the coronavirus. One example is the European Central Bank, which has decided to reduce its missions. Google, Unilever, Nestle, Goldman Sachs and more are taking similar measures.The British Airlines has entered a winding-up procedure and will cease all flights. The reduced number of passengers amid the epidemic of the new coronavirus further aggravated the difficult situation of the airline.

Most of the major airlines have suspended flights to mainland China by the end of April. 

In the meantime, California has declared a state of emergency after the first death case because of the new virus. There are 53 confirmed cases of...