IMF approached by 80 countries for help with COVID-19 outbreak

It will be known today whether Jamaica is among 80 countries which have approached the International Monetary Fund (IMF), for help amid the coronavirus outbreak.

This is as the IMF says it will massively step up emergency finance and stands ready to deploy its full one trillion US dollar lending capacity.

According to World Bank Group President, David Malpass, the development lender could deploy as much as US$150 billion  in resources over the next 15 months to help developing countries fight and recover from the coronavirus pandemic.

Malpass, in a statement to G20 finance ministers and central bank governors, also called for G20 creditor nations to allow the poorest countries to suspend all payments on bilateral debt while they battle the virus.

Malpass said the poorest countries should be allowed to concentrate resources on their health responses to the crisis.

Meanwhile, amidst the worsening coronavirus pandemic President of the Jamaica Manufacturers and Exporters Association, Richard Pandohie, says there's a cloud of uncertainty hovering over the local business community.

While some businesses are moving their services online, others are demanding tax concessions. However, tax expert  Allison Peart says tax breaks may not be the best solution at this time.


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