The International Monetary Fund, IMF, has said at least $83bn has been pulled out of emerging economies since the Covid-19 outbreak.
The IMF Managing Director, Kristalina Georgieva, made the statement in a podcast, on Wednesday.
According to her, it is the largest capital outflow ever recorded, as many investors had pulled $83 billion from emerging markets since the beginning of the crisis.
Georgieva said following the impact of the Covid-19, the Fund will massively step up emergency finance as nearly 80 countries are requesting help.
“We welcome the moves of major central banks to ease monetary policy. These are bold efforts and they are not only in the interest of each individual country, but of the global economy as a whole.
“Even more will be needed, especially on the fiscal front.
“Advanced economies are generally in a better position to respond to the crisis, but many emerging markets and low-income countries face significant challenges.
“They are badly affected by outward capital flows and domestic activity will be severely impacted as countries respond to the epidemic,” she said.