kristalina georgieva of the imf. i'd like to ask you something more specific on the economic impact in southeast asia, because i'm wondering, based on the imf's assessment, what has been the economic impact of the pandemic on indonesia, southeast asia's largest economy in life and what does jakarta, the capital city need to do more in order to overcome the issue? thank you. we need to do more in order to overcome the issue. thank you. kristalina georgieva: well, thank you very much for this question. indonesia, over the last years has done a lot to build very strong macroeconomic fundamentals, and buffers exactly in a case of a crisis. and what is happening today is indonesia is taking a set of measures that are significant, they're large, and they're well targeted to support the economy to go through this very difficult time. like many other emerging market economies, indonesia is experiencing a significant outflow of capital, and that makes it so much more difficult for the country because there is a drop in produc

do you worry now that, kristalina, we're talking about the u.s.' than the actual size of the economy, $22 trillion. do you worry that debt on the other side of this is going to get us in a bad way given we're borrowing so much? >> well, you know, we worry more about getting to the other side as quickly as possible, building a bridge -- maria: okay. >> -- over what is the top of the economy. and we also see that low interest rates are very likely to stay for much longer. meaning that the capacity to mobilize now is underpinned by this accommodative monetary policy. just to give you a sense that everybody's striving to do what u.s. is doing, they're actually following u.s. lead in this area. justifies call measures -- just disease fiscal measures, forget about monetary policy for a moment, just fiscal measures account for $8 trillion. in other words, everybody is striving to protect people and protect firms. why is this important? because if we see a way from bankruptcies now -- a wave of bankruptcies now and a huge increase of unemployment, then sca

kristalina georgieva said that never in the history of the imf had the world economy come to a standstill. more than 90 countries have asked the organisation for help. now on bbc news — click. this week, dial—up internet, apple releases the ipod, very tight suits and very friends. it is click‘s 20 of earth day and these are our greatest hits.

do you worry now that, kristalina, we're talking about the u.s.'higher than the actual size of the economy, $22 trillion. do you worry that debt on the other side of this is going to get us in a bad way given we're borrowing so much? >> well, you know, we worry more about getting to the other side as quickly as possible, building a bridge -- maria: okay. >> -- over what is the top of the economy. and we also see that low interest rates are very likely to stay for much longer. meaning that the capacity to mobilize now is underpinned by this accommodative monetary policy. just to give you a sense that everybody's striving to do what u.s. is doing, they're actually following u.s. lead in this area. justifies call measures -- just disease fiscal measures, forget about monetary policy for a moment, just fiscal measures account for $8 trillion. in other words, everybody is striving to protect people and protect firms. why is this important? because if we see a way from bankruptcies now -- a wave of bankruptcies now and a huge increase of unemployment, th

kristalina georgieva said that never in the history of the imf had the world economy come to a standstillng the virus in asia's biggest slum where social distancing socially impossible. and police in paris set up spotchecks to stop people taking it with them on easter break. hello and welcome to bbc news. the world health organization says the pandemic is developing into more than a health crisis and has called for all lockdown restrictions to be kept in place to attack the spread of the virus. here — the uk's health secretary has urged people to stay at home over fears that sunny weather could tempt people to go outside. london's largest hospital facility — built in nine days — is to take patients needing intensive care in the next week. new york has suffered its worst day yet with 500 victims — bringing its total to nearly 3,000 deaths. in europe — spain has overtaken italy with the most cases. the total number of confirmed fatalities has now reached almost 11,000. the head of the international monetary fund says the crisis is humanity's darkest hour, — adding — we've witnessed the worl

of the atlantic council, and my former boss, kristalina georgieva. mr. kempe: thank you, josh. and, josh, in a very short time, you've made a significant difference at the atlantic council as our director of programs and strategy in our business and global economics program and you're doing it at i can't imagine a more critical moment. in that spirit, ma'amgame georgieva we're -- madam geg, we're delighted -- georgieva, we're delighted to have you. as josh said, it's our headline series for global series. as you said, in your current speech at the i.m.f. spring meetings quite unusual spring meetings held virtually, quote, this is a crisis like no other. with the worst economic downturn since the great depression. you added later, humanity is facing one of its darkest periods in human memory. you're no stranger to crisis management having been european union vice president and commissioner during the euro area debt crisis and then the 2015 refugee crisis. reuters last week called you a force of nature. those of us who have known you for sometime realize that's true. they said th

kristalina georgieva said the world was in recession — and the only way of resolving the situation wase reports. demand for dairy in supermarkets may be high but farmers in the united states have been left with no option but to throw out fresh milk due to mass interruptions in the supply chain. there are not enough people to package and transport the goods. it is just one example of the huge economic fallout caused by this pandemic. this is a crisis like no other. never in the history of the imf have we witnessed the world economy coming to a standstill. we are now in recession it is way worse than the global financial crisis. sorry we're closed. this business in the heart of london is one of many has been forced to lock the doors until further notice. covent garden is almost unrecognisable. no shops are open and no—one is there spending money. that's because roughly 4 billion people around the world are now under some kind of stay—at—home order. according to the international monetary fund, more than 90 countries have applied for financial assistance. the organisation has the capacity

do you worry now that, kristalina, we're talking about the u.s.' economy, $22 trillion. do you worry that debt on the other side of this is going to get us in a bad way given we're borrowing so much? >> well, you know, we worry more about getting to the other side as quickly as possible, building a bridge -- maria: okay. >> -- over what is the top of the economy. and we also see that low interest rates are very likely to stay for much longer. meaning that the capacity to mobilize now is underpinned by this accommodative monetary policy. just to give you a sense that everybody's striving to do what u.s. is doing, they're actually following u.s. lead in this area. justifies call measures -- just disease fiscal measures, forget about monetary policy for a moment, just fiscal measures account for $8 trillion. in other words, everybody is striving to protect people and protect firms. why is this important? because if we see a way from bankruptcies now -- a wave of bankruptcies now and a huge increase of unemployment, then scarring of the economy could b

kristalina georgieva said that never in the history of the imf had the world economy come to a standstillre than 90 countries have asked the organisation for help. now on bbc news, it's time to click. this week, dial—up internet, apple releases the ipod, very tight suits and furry friends. it is click‘s 20th anniversary and these are our greatest hits. welcome to click, i'm spencer kelly. 0n the sixth of april 2000, a plucky new tv programme hit the air, promising to talk about something that many people, many in the media thought was too scary, too nerdy — technology. no—one thought that programme would last more than a couple of years and yet 20 years later, click is still on air. just. because it's impossible to believe that we're celebrating our 20th birthday in a world that seems eerily similar to those dystopian sci—fi films that we geeks grew up on. like many programmes, we're going to find it hard to stay on air during the lockdown. but, for old times‘ sake, because it's our birthday, we going to forget about it all and take one last look at click through the ages. get ready for 2

that is the imf managing director kristalina georgieva. still ahead, our exclusive interview with airbus ceo guillaume faury, who says the industry is facing its greatest crisis due to the coronavirus pandemic. this is bloomberg. ♪ ♪ guy: from london, i'm guy johnson, with vonnie quinn in new york. this is the european close on "bloomberg markets." here with the details, abigail doolittle. abigail: an hour ago, mixed to the upside and downside, but now the bulls are really trying to take it. the s&p 500 now up 0.6%. an hour ago, it had been down 0.6%. stocks in europe doing relatively well. the stoxx 600 up 0.8%, the ftse 100 up 0.7%. investors continuing to digest the dismal economic data we have had of late as the new reality, the bulls are taking it. where we have some bearish action is the euro. on the dollar -- against the dollar on the week, down. investors going into the dollar on the dismal economic data, so something to pay attention to if europe continues to decline. not really a risk on signal. take a look at the commodity compl

and finance ministers are gathering in this moment of crisis i want to welcome the host, director kristalina georgieva. nice to see you. thank you for joining me >> nice to be with you, thank you for the invitation >> you just stepped off the stage where you were giving a news conference and in your final appeal to world leaders you said, everything is on the table. what did you mean by that? >> well, it means that we need to follow the development of this crisis and be prepared to do more if that becomes necessary. right now the imf, thanks to the shareholders' wisdom is standing strong we have $1 trillion lending capacity, just as a reminder, prior to the global financial crisis, it was four times less it was $250 billion. and that quadrupling our capacity really makes a difference today we were able to immediately deploy emergency financing, actually double access for our members, so 102 countries knocking on the door of the imf for lifelines can obtain, rapidly, financing and i'm proud to say that despite the fact we are all working from home, within one short month, half of this request

kristalina georgieva said that never in the history of the imf had the world economy come to a standstillre than 90 countries have asked the organisation for help. now on bbc news: the latest information and health advice on coronavirus, including what the symptoms are and how to self—isolate. hello and welcome to this bbc news special. i am annita mcveigh. stay with us as we share the latest information, health advice and reports about the coronavirus. we will show you exactly what sciences think the covid—19 is and ask how close are we to a vaccine? plus, will explain how to make sure that the facts you're getting about the virus are accurate and reliable. and a reminder that there is further advice and information about the pandemic on the bbc news website. but first, this coronavirus may be dominating headlines around the world and changing the lives of hundreds of millions of people, but what exactly do we know about covid—19 and how close are we to a vaccine? bbc‘s jim covid—19 and how close are we to a vaccine? bbc‘sjim reed, reports. sars cough two is the technical name for the vi

kristalina georgieva said that never in the history of the imf had the world economy come to a standstillre than 90 countries have asked the organisation for help. now on bbc news — click. this week, dial—up internet, apple releases the ipod, very tight suits and very friends. it is click‘s 20 of earth day and these are our greatest hits. welcome to click, i'm spencer kelly. 0n the sixth of april 2000, a plucky new tv programme hit the air, promising to talk about something that many people, many in the media thought was too scary, tomb dirty, technology. no—one thought that programme would last more than a couple of years and yet 20 years later, click is still an hour. just. because it is impossible to believe that we are celebrating our 20th birthday in a world that seems eerily similar to those dystopian sci—fi films that us geeks grew up on. like many programmes, we're going to find it hard to stay on air during the lockdown will stop light, for old times sake, because it is oui’ for old times sake, because it is our birthday, we going to forget about it all and take one last look at

coming up later this morning, with christina george eva of -- -- withsta li na kristalina georgieva. we will talk to her about nigeria, about turkey, about the drawing rights that they have to help assist the fed with emerging economies. we will also get a briefing from george saravelos on emerging markets here next. stay with us. this is bloomberg. ♪ tom: bloomberg surveillance from new york and london. francine lacqua is doing fine. your many emails on that matter -- she is doing more than good. i am tom keene in new york. i will be speaking with a managing director of the international monetary fund this morning. forge saravelos right now an imf briefing. they are coming at them -- 189 nations, george. many of them really desperate, even turkey, even mr. erdogan calling on the imf. will they need further funding from the rich nations? i think more funding will be needed. the critical question is, what type of funding? if you look at the last few weeks, the fed has been expanding the swap lines well ballon the -- well the on the developed markets of korea, other countries in asia.

kristalina georgieva became the managing director of the imf, so she was number two at the world bank, but we a were able to fill it quickly. i guess the biggest surprise is the challenge with the countries themselves. do at theasked us to world bank's work very closely with the client countries on programs that will actually raise incomes and address polity -- address poverty in those countries. vested interests are a big ,hallenge in much of the world where they want to keep the money for people who already have quite a bit of money. what i am trying to do is get the median income to rise for these countries. tom: in this crisis, will you have to go out and find new funds? but would you say to the american public skeptical of donating further to the world bank? david: the american public has been incredibly generous around the world. he here a lot of negativity in reality of thehe world is the u.s. is a strong leader in the world and a strong leader in the world bank. it is the biggest shareholder, a very big donor into the world bank, and that is passed on in terms of usable funds

conversation about the global economic outlook and get the prescriptions from just alina georgieva -- from kristalinaieva, the imf managing director. that is coming up at 11:00. this is bloomberg. ♪ guy: this is "bloomberg markets. " in the next hour we will be speaking to the airbus ceo, guillaume faury. this is bloomberg. ♪ york, i'mve from new vonnie quinn, along with guy johnson in london. this is "bloomberg markets." time for our stock of the hour. here's dave wilson. dave: here to talk about bank of new york mellon. this is what you would call a trust bank. they are all about keeping up securities, processing trades, that sort of thing. comes fromr revenue what they call investment services. analysts were expecting revenue to be down in the first, as well as earnings. bny mellon delivered positive surprises on both fronts. profit eating projections and signals coming out ahead as well. what benefited bank of new york mellon was all of the volatility in markets last month from all of the trading that went along with that. they talked about, among other things on their conference call, u.s. trade

we speak this morning for bloomberg with kristalina georgieva

earlier today, i spoke with imf managing director kristalina georgieva about the global economic downturnshe said half the world has come to the imf looking for a bailout. listen >> we've had $1 trillion lending capacity just as a reminder, prior to the global financial crisis it was four times less. it was $250 billion. and that for dropping our capacity really makes a difference today we were able to immediately deploy emergency financing, actually double access for our members, so 102 countries knocking on the door of the imf for lifelines can obtain rapidly financing. >> josh, 102 countries asking the imf for help they're releasing it it's a remind they're this is not just a problem here in this country with the $2 trillion relief package and potentially more on the way, that we're all in this together and that the global economy is set to contract 3% this year, which is three times the amount that it did during the great recession how do you think about the global picture >> i think that's a really important point you make, sara, and i'm glad you made it the idea we're all in this to

shrink 7.5% this year and china seen growing 1.2% they only see a partial recovery for 20 21 and kristalinaeorge yes va the manager of the fund will join us tomorrow. this is the imf spring meetings week, hard to believe, where they gather the world's finance ministers and central bankers every year to talk about the economic outlook, it's happening virtually. there's a great need for collaboration even i'm not sure it's happening in the world or in the united states, where the governors are going one way, the mayors the other and the federal government is going the other as we all try to tackle the question of the moment which is when and how to reopen the u.s. economy. >> yes, your point's a good one, seeing the city of new york developed its own covid test, for example, sara and now a plant i believe in indiana that's going to be manufacturing those tests as we try still to battle sort of with this shortage of testing overall. sara, this morning we also got earnings, as you well know from wells fargo and jpmorgan wells fargo's conference call just begun, still relatively new ceo charlie

managing director kristalina georgieva said that because of the "unprecedented uncertainty" arising fromp of it". australia will keep in place restrictions implemented to curb the spread of the coronavirus for at least four more weeks. prime minister scott morrison said australia will over the next month expand testing and improve systems to trace covid—19 cases. the nicaraguan president daniel ortega has reappeared after being absent from public view for more than a month. in a televised message, mr ortega defended his government's record on fighting coronavirus. he claimed only one person had died of covid—19 in the country. he said he had not ordered a lockdown to protect the economy. now, here in the uk, a 99—year—old war veteran has captain tom moore set out to raise £1,000, that's around $1,200, for the national health service by walking 100 laps of his garden. this morning he managed to complete his task — but he also raised more than £12 million, nearly $15 million. messages of support have been flooding in — let's take a look. hi, tom. ben stokes here. what you've managed to ach