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Argentina on Saturday agreed to start consultations with the International Monetary Fund that could lead to a new financing programme, days after the global lender said the country’s debt situation had become “unsustainable”.
The coronavirus pandemic will cause a global recession in 2020 that could be worse than the one triggered by the global financial crisis of 2008-2009, but world economic output should recover in 2021, the International Monetary Fund said on Monday.
The whole world is going through a horrible situation: number one, the fear of death because of coronavirus, plus unbearable losses to the world economy because of lockdown in many parts of the world.
Governments in emerging markets, which have suffered an exodus of capital of more than $83 billion in recent weeks, can cover much of that, but "clearly the domestic resources are insufficient" and many already have high debt loads.