'Allow markets to function': IMF, World Bank urge countries to keep trade open amid Covid

International Monetary Fund (IMF) and World Bank Group (WBG) on Sunday called on countries to keep tre open as world battles Coronavirus pandemic and warned that export controls on medical supplies and or essentials could backfire.

't a time to restrict tre of medical supplies'

At a virtual press conference during just-concluded spring meetings of two multilateral institutions, IMF Chief Ecomist Gita Gopinath said that this is t a time to restrict tre of medical supplies and essential equipment around world, according to news ncy Xinhua.

"It is very important that this does t become a future where we reverse all gains that we've got from globalization," said Gopinath, in response to a question from Xinhua.

World Bank President David Malpass, meanwhile, said at a virtual press conference on Friday that big countries need to step forward and pledge t to use crisis as a reason to close or block markets.

"We should allow markets to function, markets to clear and supplies to go to those most in need," said Malpass, ding that China is exporting medical supplies to rest of world, which is "very welcome."

IMF and World Bank's vocacy for free tre came as protectionist sentiments are growing across globe amid pandemic. Some 46 export curbs on medical supplies have been introduced by 54 governments since beginning of year, according to a report published on March 23 by Global Tre Alert, a tre policy monitoring initiative.

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Thirty-three of those export curbs have been anunced since beginning of March, "an indication of just how quickly new tre limits are spreing across globe," report showed. Aitya Mattoo, Chief Ecomist for East Asia and Pacific Region at World Bank, said it is a bit understandable for countries to impose export restrictions, but se actions are "almost always counterproductive".

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worldwide death toll from vel Coronavirus pandemic rose to 160,685 on Sunday, according to a tally from official sources compiled by AFP.

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More than 23,34,130 declared cases have been registered in 193 countries and territories since epidemic first emerged in China in December. Of se cases, at least 518,900 are w considered recovered. In United States, w worst-hit country, death toll stood at 39,090 with 735,287 infections. At least 66,819 patients have recovered.

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(With ncy inputs)