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April 05, 20 - 2:48 pm - LABS

14 Latin American countries have asked the IMF for urgent help

IMF_Projections_for_Latin_American
Photo: Shutterstock

The Financial Times reported on Sunday that 14 Latin American and Caribbean countries have requested urgent help from the International Monetary Fund (IMF) to counter the impact of the coronavirus crises. The region is expected to be hit by its worst recession in 50 years, according to the senior IMF official who revealed the information to the British newspaper.

Alejandro Werner, head of the western hemisphere department, did not reveal which countries have asked assistance, but said the 14 nations seek access to a total of $4.48 billion using a credit line which allows disbursement with minimal conditions.

$1 trillion

is being made available globally by the IMF to help countries manage the financial effects of the coronavirus crisis.

Werner told the Financial Times that Latin America was particularly exposed because many of its economies were struggling even before they were affected by low commodity prices and capital flight.