U.N. Secretary-General Antonio Guterres is pleading with global financial leaders to allocate 10% of global GDP to a fund to offset the economic crisis caused by the coronavirus, CBC news reported.
"To help address the devastating economic and social consequences, I have been … asking for a comprehensive global response package amounting to a double-digit percentage of global Gross Domestic Product," he said in an address to the International Monetary Fund (IMF) and World Bank, in a virtual meeting.
"Alleviating crushing debt is absolutely crucial," he said.
The leaders of the two major financial institutions were meeting to discuss what they call the "worst economic downturn since the Great Depression."
Guterres said the IMF needs to allocate greater resources to developing nations. He focused principally on the financial downturn in Africa, saying the continent could end up suffering the most from a crisis that is not of its making.
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