The COVID-19 crisis is having a significant impact on Jamaica. The pandemic, which is severely hurting tourism and remittances, reached the Caribbean country just a few months after the successful conclusion of its economic reform program—which was supported by a $1.66 billion Stand-By Arrangement from the IMF.
I thank Minister Annamuhammedov and Ms. Elena Panova for their kind invitation to participate in this conference. It is not accidental that this conference is taking place in Ashgabat. Turkmenistan was one of the first countries to have formally accepted all Sustainable Development Goals developed by the United Nations and has been integrating these goals into its national plans for socio-economic development.
Tao Zhang, Deputy Managing Director, IMF
Already among the most remote countries on earth, Pacific island states saw their vital economic links weakened in recent months with the evaporation of tourism, severe disruptions to international trade, and a reduction in remittances. For these countries, the COVID-19 pandemic may cut deeper than even some of the worst cyclones from years past.
In a conversation with IMF Country Focus, the IMF’s mission chief for Nigeria, Amine Mati, described the economic situation confronting Nigeria, and how the country will use the money negotiated with the IMF.
The coronavirus pandemic has triggered a global economic crisis of a magnitude not seen since the Great Depression. The International Monetary Fund’s Managing Director, Kristalina Georgieva, is leading her institution’s work to ensure global financial stability.
Opening Remarks by Kristalina Georgieva