IMF chief: worst crisis since the Great Depression

The Managing Director of the International Monetary Fund on Wednesday said the economic impact of the new coronavirus pandemic was the "worst crisis since the Great Depression".

Speaking to UK broadcaster ITN, Kristalina Georgieva said: "Normally in a crisis, we will boost spending. Now we are telling people, don't go out, don't spend."

However, Georgieva claimed world powers should focus on supporting their health systems, help businesses and households to sustain through lockdown with "massive fiscal injection", and plan for the future of their economies.

The IMF chief also indicated that funds may be provided for various struggling economies, and that certain country's debts to the fund may be written off, but only after "very careful assessment on a country by country by country basis."

Georgieva also clarified the IMF's views on the UK's planned exit strategy from the European Union at the end of 2020, saying "At at a time of increased uncertainty, we all have to do our best not to add to it...My plea is think about the impact of this decision on uncertainty in the world."

The new coronavirus pandemic has sickened 3,659,759 people worldwide, and led to 256,928 deaths.