Opening Remarks for Joint IMF/WHO press conference

IMF News, April 3, 2020

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The perceived trade-off between "save lives" and "save livelihoods" is described as a false dilemma: getting the virus under control and saving lives is presented as a necessity to saving livelihoods.
The WHO and the IMF have complementary roles: the WHO to protect the health of people; the IMF to protect the health of the global economy.
Joint appeal to policymakers: protecting public health and protecting the economy and putting people back to work go hand in hand. "We need to do both."

Place health expenditures at the top of the priority list:
- Get resources to doctors, nurses, hospitals, the purchase of medical equipment, and to help the most vulnerable people.
Economic measures should accompany health spending and are explicitly "in addition to—and not as a substitute for—health spending."
Strive to strike the right balance between health and economic priorities because that is "the path to a better future for us all."
For the poorest countries:
- The IMF has increased capability to ease debt service obligations through the Catastrophe Containment Relief Trust.
- Together with the World Bank, the IMF is advocating for a standstill of debt service from the poorest countries to official bilateral creditors.

EMDEs are "particularly vulnerable" with fragile health systems and severe economic hits.
The IMF is prioritizing assistance to those countries.

Demand for IMF financing has "skyrocketed."
Institutional scale and outreach:
- "Never in the 75 years history of our institution have so many countries found themselves in need of emergency financing – 85 countries have approached us so far, all at one time."
Financial capacity and instruments:
- Deploying total financial capacity of $1 trillion.
- Aiming to double the availability of emergency, fast-disbursing resources from $50 billion up to $100 billion—funds intended to help emerging market and developing countries in particular.
- Looking at ways to provide additional liquidity.
Speed and implementation:
- Actions are being done "in record time," with the first projects already approved and money disbursed.
- As financing reaches countries, the IMF is working with them to ensure focus on priorities: urgent health expenditures and urgent support for the economy.

Both the WHO and the IMF share the same fundamental objective: support for people.
Final joint appeal: "the global health crisis and the health of global economy are intertwined. Let us implement policies that protect both lives and livelihoods."

Opening Remarks for Joint IMF/WHO press conference — By Kristalina Georgieva, April 3, 2020