The global economic downturn has been so severe that already half of the world has asked the International Monetary Fund for a bailout, the organization's chief said Wednesday.
"This is an emergency like no other. It is not because of bad governors or mistakes," Kristalina Georgieva told CNBC's Sara Eisen on CNBC's "Squawk Alley." "For that reason, we are providing funding very quickly."
Georgieva comments came after the IMF said Tuesday it expects the global economy to contract by 3% this year, adding the. The fund had forecast a 3.3% economic expansion for 2020 in January.
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