IMF Announces $50 Billion Coronavirus Fund - Los Angeles Declares Virus Emergency

The IMF announced a $50 billion fund to help fight the coronavirus. Separately, Los Angeles declared a coronavirus emergency, having reported six new cases in the past 48 hours.
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The International Monetary Fund announced a $50 billion aid package to help fight the coronavirus.

Managing Director Kristalina Georgieva told CNBC that the money was available immediately for low-income and emerging-market countries.

Most of the money will be interest-free and participating countries do not need to have a preexisting program with the IMF to participate.

“What we’re doing right now is reviewing country by country what are the financial needs, and engaging with these countries to make sure they are aware of this resource and we can immediately respond to them,” Georgieva said.

Separately, Los Angeles County officials on Wednesday declared a state of emergency in response to the coronavirus outbreak, as the area has reported six new coronavirus cases over the past 48 hours.

“I have just signed a proclamation declaring the existence of a local emergency. I want to reiterate that this is not a response rooted in panic,” said Kathryn Barger, chairwoman of the Los Angeles County Board of Supervisors, at a Wednesday news conference.

The news conference was attended by Mayor Eric Garcetti as well as county health officials and the City of Long Beach health officer, CNBC reported.

The officials said that the county declared the emergency “to allow us to further draw down resources from both the federal and state level of government.”

County Supervisor Hilda L. Solis said that the county declared the emergency in order to access emergency funds from both the federal and state governments.

Solis also warned, however, against panicking in the current environment, saying that misinformation is “cultivating fear” in the community.