Governments in underdeveloped countries do not have enough resources to sustain their economy
TANDO ADAM: IMF chief economist Kristalina Georgieva has said that the world has entered into a new global recession which could have a far graver impact than what the 2008 financial crisis had. In this situation, international institutions should make a balanced policy to save precious human life and ensure sustainable economic development.
Governments in underdeveloped countries do not have enough resources to sustain their economy. Some of the countries have suffered an exodus of capital in recent weeks and some are struggling due to huge loans.
The World Bank and the IMF should come forward and give these countries the emergency aid they need. They should also defer loan instalments as soon as possible. Similarly, developed countries such as America and China should help humanity in every possible way in coming out of this situation. Rich countries should help the poor ones.
Besides, there is need to announce an effective global ceasefire. The United Nations secretary general had called for the warring countries and groups to stop fighting at least till the time the coronavirus has been wreaking havoc, but his calls fell on deaf ears.
Salman Ahmed Ansari
Published in The Express Tribune, April 11th, 2020.
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