The global lender is “quite a bit away” from exhausting its $1 trillion in total lending capacity and is working to identify new sources of funding and liquidity for member countries, the officials said during a conference call with reporters.
“We see the crisis shifting to emerging markets. Low-income countries are now all seeing the pickup in infection rates that we’ve seen in China and the advanced economies,” said one of the officials. Funding needs were greater in some of those economies due to significant capital outflows and a sharp drop in commodities prices, the official added.
While it was critical to help countries respond to the virus, the IMF could not deviate from its fundamental principles calling for debt to remain sustainable, said one of the officials.
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