COVID-19 Makes IMF And World Bank Virtual Meetings

JAKARTA - The International Monetary Fund (IMF) and the World Bank are also affected by the spread of the corona virus or COVID-19. The two institutions will meet virtually at the 2020 IMF-World Bank Spring Meetings.

The two agencies' Spring Meetings are scheduled for April 17-19, 2020 in Washington. Typically, the gathering brings about 10,000 government officials, business people, civil society representatives and journalists from around the world to the densely populated two downtown areas of Washington.

Officials say the IMF will still release updated world economic forecasts. It is likely that the forecast for global economic growth will be corrected due to the COVID-19 factor which affects economic activities such as air travel, manufacturing and tourism around the world.

IMF Managing Director Kristalina Georgieva said last month that the coronavirus outbreak is likely to shave 0.1 percent off global economic growth.

The IMF and World Bank are starting to consider the correction as the virus continues to spread rapidly around the world after emerging in China in late December.

Now, there are nearly 91,000 cases worldwide, including 80,000 in China, and more than 3,000 people have died. COVID-19 has emerged in 77 countries and territories outside China, with Argentina the latest to report its first case.

The corona virus has plunged the world economy into its worst decline since the global financial crisis more than 10 years ago. Georgieva and World Bank President David Malpass said in a joint statement that they were focused on ensuring the health and safety of participants and staff at the Spring Meeting.

An IMF official said that, there is an exception that cannot but meet face to face, namely the International Monetary and Financial Committee which has 24 members. On the other hand, a spokesman for the World Bank stated, the details of the virtual meeting were still being worked out.

Malpass told reporters that meeting twice a year was "quite a big deal" and did not rule out more permanent changes.

"We have to look at the experience with virtual encounters and see how it goes," he said.