World has 'clearly' entered recession — IMF head
Updates in Universal Coordinated Time (UTC/GMT)
16:08 France has extended its lockdown for at least two more weeks. The measures aimed at curbing the coronavirus pandemic will stay in effect until at least April 15, said French Prime Minister Edouard Philippe.
15:59 Over 80 countries have already requested emergency aid from the IMF, said the fund's chair Kristalina Georgieva. "We do know that their own reserves and domestic resources will not be sufficient," Georgieva said, adding that the fund is aiming to beef up its response "to do more, do it better, do it faster than ever before." Emerging markets around the world would need $2.5 trillion (€2.26 trillion) to mitigate the impact, Georgieva told reporters during an online press briefing in Washington, adding that the estimate was "on the lower end."
15:51 "It is clear that we have entered recession," said IMF head Kristalina Georgieva. Due to the pandemic, the global economy experienced a "sudden stop" and the fund is now looking for a practical approach to prevent indebted countries from "falling off the cliff."
15:23 The ongoing pandemic will have a deep economic impact and recovery could be only expected in 2021, said IMF chief Georgieva. This target can only be reached if the virus is contained and liquidity problems are not allowed to turn into issues with solvency, which is the ability to pay debts.
15:17 The world has entered a recession which is as bad or worse than the global financial crisis of 2008, the head of the International Monetary Fund (IMF) Kristalina Georgieva has said.
15:10 Chinese President Xi Jinping offered Beijing's support to the US in fighting the coronavirus. During a phone call with his US counterpart Donald Trump, Xi reiterated that China has been open and transparent about the epidemic following accusations of secrecy from the US side. Trump described the call as "very good" and said the US and China were "working closely together."
15:05 Following in the footsteps of several other Bundesliga clubs, Schalke and Stuttgart have announced that their players have agreed to waive a portion of their salary and bonuses to help support the club's 600 employees. Get more news from the world of sports here.
15:01 In Italy, the rate of infection is showing "signs of a slowdown" but the peak of outbreak is still to come, according to the head of Italy's national health institute. "We haven't reached the peak and we haven't passed it," Silvio Brusaferro of the Superior Health Institute told reporters. Once the peak is passed, the descent will depend on the people's compliance to the lockdown rules, he added. Italy had recorded 8,215 coronavirus deaths by Friday, with 80,539 total infections.
14:41 Serbian tennis star Novak Djokovic and his wife have donated €1 million ($1.1 million) to support Serbia's coronavirus response. Addressing reporters from his home in Spain's Marbella, Djokovic said the money would be used to buy respirators and other medical equipment. "Through my uncle Goran, who has a very influential network of people on the Chinese market, we have managed to reach the manufacturers and respirator factories directly," the athlete said. "My father and mother have a lot of friends in Europe, we have also found some respirators in Germany."
14:33 The German military is preparing a contingent of 15,000 soldiers for its pandemic response, according to Der Spiegel magazine. Some 5,500 will serve to provide "security" and "protection" and another 6,000 to provide "support for the populace." Additionally, 600 military police officers would be ready to regulate traffic, and 250 soldiers from the department in charge of nuclear, biological, and chemical defense will be in charge of disinfection.
14:26 The death toll in the UK jumped by 31% by Thursday afternoon, with authorities reporting 181 new deaths on Friday. The latest data also shows 14,579 people have tested positive for COVID-19.
14:18 Sweden has decided to ban gatherings of over 50 people in an apparent break with the nation's unusually relaxed coronavirus response. The ban, which is set to go into effect on Sunday, was made on a "recommendation this morning from the Public Health Agency," Prime Minister Stefan Lofven told reporters on Friday. Violators would face fines of a prison sentence of up to six months, he added. The leader also urged Swedes not to travel ahead of the upcoming Easter holiday in April. "If you don't need to travel, stay home, he said. "This is serious now." Sweden has 3,046 declared coronavirus cases with the death toll at 92 on Friday.
14:02 Thousands of health workers in Spain are infected with the coronavirus, and the Spanish government must do more to protect them, says human rights watchdog Amnesty International. The authorities "cannot make more excuses: It's their obligation to protect those who protect us and to do it before it is too late," the group said. Amnesty believes 9,444 medical workers have caught COVID-19, which would account for nearly 15% of Spain's 64,059 infections.
13:54 A Serbian man was sentenced to three years in jail for not following the country's strict isolation rules, according to Serbia's state broadcaster RTS. The trial was reportedly held via a video-conference. After a hesitant first response to the outbreak, the Balkan country has imposed a nationwide curfew for all residents between 5 p.m. and 5 a.m, with the exception for dog walkers between 8 and 9 p.m. Additionally, people people aged 65 and over are banned from leaving their house at all times in urban areas. The age limit for rural areas is 70. The elderly are only allowed to go out to buy groceries early on Sunday morning.
13:46 After UK Prime Minister Boris Johnson tested positive for coronavirus, the country's Health Secretary Matt Hancock confirmed he has also been infected and would be self-isolating until next Thursday. Hancock described his symptoms as mild and said he would be self-isolating at home. He also said he would be doing “everything I can to get our carers the support they need."
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