Number of Countries Seeking IMF Bailout Nears 100
Almost half of the nations on the planet are turning to the International Monetary Fund for help as the COVID-19 pandemic continues to ravage world economies.
The international financial institution has collected trillions of dollars from donors, but there are growing fears that borrowers will not be able to repay their debts.
According to reports, the global economy is much more interconnected now than in previous years and historical crises such as in the 1920s.
The report added that the IMF has put together a $9 trillion fund to help countries deal with the COVID-19 crisis. — the majority coming from the G20 nations.
It added that almost a hundred countries have sought aid from the IMF, with 64 countries spending more on debt relief than health. Those debt repayments have now been halted.
Debts will still need to be repaid, the IMF asserted, but it remains to be seen if those countries suffering the most will ever be in the position to do so.