IMF worries: the epidemic may destroy the ten-year development achievements of poor countries

Novel coronavirus pneumonia, the

said, said the IMF will bring about 10 years of loss to the poorest countries in the world unless they receive coordinated emergency assistance. According to the guardian’s website on August 27, the Washington based IMF said that low-income developing countries are vulnerable to the new epidemic and face the prospect that the progress made in poverty reduction in the past seven to 10 years will be destroyed. In an article, novel coronavirus pneumonia,

‘s economist, called on the international community to adopt a seven point plan to enable poor countries to cope with the new crown pneumonia and recover quickly. The group said its average economic growth rate is likely to stagnate this year, adding that previous pandemics have left permanent scars. < / P > < p > it supports a more ambitious debt relief plan recently proposed by World Bank President David Malpass, which will expand from delaying repayment to reducing debt stock.

reported that China’s novel coronavirus pneumonia crisis is already very fragile when developing new low-income countries, for example, half of the countries have high public debt. Since March, these countries have been hit by abnormal concentration from the outside: sharp contraction in real exports, falling export prices, especially oil prices, reduced capital and remittance inflows, and reduced tourism revenues. < / P > < p > “despite the best efforts of these governments, lasting damage seems inevitable without more international support. The long-term “trauma” – the permanent loss of productive capacity – is a particularly worrying prospect. ” < / P > < p > the report points out that the trauma caused by the past virus pandemic includes high mortality rate, future income decline caused by the deterioration of health and education conditions, business failure caused by the depletion of savings and assets, and the reduction of private sector loans caused by debt legacy problems. After the Ebola epidemic spread in 2013, Sierra Leone has never returned to its pre crisis growth path, the IMF said. < / P > < p > the organization said: “the scars left by the trauma will bring serious setbacks to the development efforts of low-income developing countries, including destroying the poverty reduction achievements of the past seven to 10 years and increasing inequality, including gender inequality.” According to the report, the United Nations has set a number of ambitious sustainable development goals to be achieved by 2030, and the IMF said the formation of scars will make them more difficult to achieve. The report pointed out that during the new coronavirus crisis, the IMF provided emergency financial assistance to 42 low-income developing countries, but said more assistance was needed. The priority is to ensure that the international liquidity needs of low-income developing countries are met, which requires adequate resources for institutions such as the IMF and the world bank, it said. < / P > < p > restructuring debt to restore sustainability when needed may, in many cases, require a more generous bailout than the G20 did this spring. “Novel coronavirus pneumonia and its socio-economic consequences can be overcome everywhere,”

said. “We can overcome this epidemic,” IMF said. Urgent action by the international community can save the lives and livelihoods of low-income developing countries. ”