External pressures need to be contained. Where needed, said Rhee, bilateral and multilateral swap lines and financial support from the multilateral institutions should be sought. In the absence of swap lines, foreign-exchange market interventions and capital controls may be the alternatives.

IMF has projected the growth of Indian economy in 2020 at the rate of 1.9 per cent, while the world economy is likely to contract sharply by "minus 3 per cent" due to the coronavirus pandemic

While the trajectory of coronavirus pandemic remains uncertain, the International Monetary Fund (IMF) expects an economic crisis worse than the great recession of 2008.

Georgieva reassured that the IMF would act fast and use all available tools to help member countries.

IMF Chief Economist Gita Gopinath said in a blogpost that the biggest contributor to the revision of global economic growth was India, where growth slowed sharply owing to stress in the non-banking financial sector and weak rural income growth.

The International Monetary Fund (IMF) has slashed India's growth rate to 4.8 per cent for the current financial year. In October, the IMF had estimated the growth rate at 6.1 per cent.

Regarding her bilateral meetings on the sidelines of the IMF's meetings, the minister stressed that the negotiations between India and the United States to reach a trade deal is underway in "full speed".

The IMF on Tuesday slashed India's economic growth projection for 2019 to 6.1 per cent but said that it might pick up to 7 per cent in 2020.

IMF (International Monetary Fund) has come with statement that India's growth rate during the current fiscal year will be only 6.1 per cent as against 7.3 per cent mentioned some months ago.

It said that to rejuvenate growth, policymakers must undo the trade barriers put in place with durable agreements, rein in geopolitical tensions and reduce domestic policy uncertainty.