International Monetary Fund Declares Global Recession | The Institute for Creation Research

International Monetary Fund Declares Global Recession
On April 3, 2020, International Monetary Fund Chief Kristalina Georgieva stated that the world economy is now in a global recession due to the coronavirus.1 The International Monetary Fund (IMF) is an organization designed to ensure monetary cooperation and financial stability of its 189 member countries. Established in 1945, the organization seeks to maintain the stability of the international monetary system by facilitating trade between its member countries and providing up to one trillion dollars in loans to countries in need.2

In an interview, she said, “We have stated that the world is now in recession and that the length and depth of this recession depend on two things: Containing the virus and having an effective, coordinated response to the crisis.” Georgieva then expressed that she was encouraged by the efforts of leaders globally, even in the midst of difficulty.1

The IMF has received a spike in requests for monetary aid during the coronavirus pandemic, with 81 countries requesting loans to combat the virus. While this is unprecedented, the IMF stands ready to make all of its $1 trillion available to member countries that need it. In addition, the organization intends to streamline procedures and look for other ways that it can help its members during the current pandemic. Kyrgyzstan will be the first country to receive assistance from the IMF due to the coronavirus, with a $120.9 million deal.3

While the prospect of a global recession is concerning, the writer of Hebrews says, “Let your conduct be without covetousness; be content with such things as you have. For He Himself has said, ‘I will never leave you nor forsake you.’”4 Despite the great economic uncertainties that are ahead, a Christian’s greatest treasure is never here on this earth—whether in a bank account, the stock market, a 401k, or even in a steady job. No matter what comes, Christians are called to rejoice in the trials that we face. In his letter to the Philippians, Paul writes, “Yet indeed I also count all things loss for the excellence of the knowledge of Christ Jesus my Lord, for whom I have suffered the loss of all things, and count them as rubbish, that I may gain Christ.”5 No recession can take away the love of Christ, and eternity with the Creator is a far better investment than the stock market. Jesus explained how Christians should respond to economic situations:

“Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal; but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. For where your treasure is, there your heart will be also.”6

Further, Paul states in Romans, “And we know that all things work together for good to those who love God, to those who are called according to His purpose.”7 The current pandemic and the economic repercussions that come with it are in no way a surprise to the Creator of the universe. Jesus said, “Let not your heart be troubled; you believe in God, believe also in Me.”8

Finally, especially during these times, it is of the utmost importance to “seek first the kingdom of God and His righteousness, and all these things shall be added to you,”9 “for God has not given us a spirit of fear, but of power and of love and of a sound mind.”10 It is imperative that the Church act rationally, as the Lord will provide, just as He always has.

References
1. Franck, T. IMF chief Georgieva says the world is in a recession, containment will dictate strength of recovery. CNBC. Posted on cnbc.com March 27, 2020, accessed April 9, 2020.
2. About Page. International Monetary Fund. Posted on imf.org, accessed April 9, 2020.
3. Crutsinger, M. IMF head says global economy now in recession. ABC News. Posted on abcnews.go.com March 27, 2020, accessed April 9, 2020.
4. Hebrews 13:5.
5. Philippians 3:8.
6. Matthew 6:19-21.
7. Romans 8:28.
8. John 14:1.
9. Matthew 6:33.
10. 2 Timothy 1:7.

*Trey Bowling is Customer Service Manager at the Institute for Creation Research.
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