World Bank & IMF request countries to not stop multilateral trade!
With the COVID-19 Novel Corona Virus Pandemic ravaging across the world, travel has been suspended between most countries and international trading has also been suspended. The Virus has not just affected health and life but also dealth a major blow to the economic situation across all strata. With the rapid spread of the Virus, many countries have also imposed bans on export of medicines. In such a situation, the International Monetary Fund (IMF) and the World Bank have issued a request to the countries! These organizations have asked countries to not suspend multilateral trade, especially the export of medicines and medical equipments, to those countries in need.
It has come to light that over 54 countries have placed about 46 export curbs on medical supplies, since the start of this year, of which thirty three have happened since the beginning of March. Gita Gopinath, the Chief Economist of the IMF, gas mentioned that this is not the time to restrict the trade of medical supplies and essential equipment around the world! David Malpass, the President of the World Bank, mentioned in a virtual press conference that big countries need to step forward and not use the crisis to block their markets.
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