International Monetary Fund Managing Director Kristalina Georgieva speaks during the Global Women’s Forum in the Gulf emirate of Dubai on February 16, 2020.
KARIM SAHIB | AFP via Getty Images
IMF Managing Director Kristalina Georgieva announced a $50 billion aid package Wednesday to help fight the coronavirus.
Georgieva said on CNBC’s “Squawk Alley” that the money is available “immediately” and is for low-income and emerging market countries.
Most of the money will be interest free, and countries do not need to have a pre-existing program with the IMF to participate, Georgieva said.
“What we’re doing right now is reviewing country by country what are the financial needs, and engaging with these countries to make sure they are aware of this resource and we can immediately respond to them,” Georgieva said. “We’re in an early stage of engagement, but I can assure you that we will act very quickly as requests come.”
Georgieva said earlier Wednesday at an event in Washington, D.C. that, “We are faced with a generalized weakening in demand, and that goes through confidence and through spillover channels, including trade and tourism, commodity prices, tightened financial conditions.
“They call for an additional policy response to support demand and ensure an adequate supply of credit,” she added.