## Opening Remarks for Joint IMF/WHO press conference

_IMF News, April 3, 2020_

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**Canonical URL:** [Opening Remarks for Joint IMF/WHO press conference](https://www.imf.org/en/news/articles/2020/04/03/sp040320-opening-remarks-for-joint-imf-who-press-conference)

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## Bibliographic details
- Authors: Kristalina Georgieva April
- Published: April 3, 2020

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### Key messages on health and economy
- 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."

### Policy priorities and recommendations
- 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.

### Emerging market and developing economies (EMDEs)
- EMDEs are "particularly vulnerable" with fragile health systems and severe economic hits.
- The IMF is prioritizing assistance to those countries.

### IMF financing response and operational actions
- 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.

### Underlying objective
- 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*

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## References

- [https://www.imf.org/en/topics/imf-and-covid19](https://www.imf.org/en/topics/imf-and-covid19)
- [The IMF and COVID-19 (Coronavirus)](https://www.imf.org/en/Topics/imf-and-covid19)
- [https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)
- [Speeches](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2020/04/03/sp040320-opening-remarks-for-joint-imf-who-press-conference_