World Bank, IMF should provide more support to states hit by COVID-19- UN


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UN Secretary-General Antonio Guterres, on Thursday, asked that the World Bank and the International Monetary Fund (IMF) should provide enhanced access to facilities and tools to countries impacted by the novel coronavirus pandemic.

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Guterres said this during a Security Council meeting.

“We need the World Bank and the International Monetary Fund to support member countries through enhanced access to facilities and tools,’’ Guterres said.

“Network multilateralism must extend beyond peace and security, encompassing the Bretton Woods institutions, development banks, trade alliances and more.’’

Guterres pointed out that the pandemic had highlighted multiple vulnerabilities worldwide, including increased humanitarian needs, and reversed decades of progress on sustainable development.

Meanwhile, the international community is not keeping pace with the world as it is, Guterres added.

The UN chief said countries around the world must unite in promoting multilateral institutions that are ready to react to the range of challenges the pandemic has put forth.

“We have no choice: either we come together in global institutions that are fit for purpose or we will be crushed by deviousness and chaos,’’ Guterres said.

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