Good morning from the Financial Times.

Today is Wednesday, May 13th.

And this is your FT news briefing.

IMF Managing Director Krista Georgieva

tells the FT that the global economic outlook is worse than the

funds already grim predictions. Meanwhile, a $9 billion

re-insurance deal struck before the pandemic has collapsed as a result of that economic uncertainty.

Plus the F.T.'s Colby Smith will explain why we could be headed for a messy

emerging market's debt crisis. I'm Mark Filipino and here's the news you need to start your day.

Last month the International Monetary Fund forecast a 3% contraction in global

output this year. It would be the worst global contraction since the Great

Depression of the 1930s. And yesterday the head of the IMF said the economic outlook is going to get even gloomier.

With the crisis still spreading incoming economic data from many countries is worse than our already pessimistic projection.

And unfortunately, not having medical solutions on scale, that means that for some economies a more adverse

a development is likely. That was managing director, Kristalina Georgieva.

She spoke with our own Jillian Tet yesterday

as part of the FT's Global Boardroom Online Conference.

The fund is expected to publish downward revisions

to its global economic forecasts next month.

Miskiorgava's comments come as many local and national governments in different parts of the

world struggle with the challenge of safely easing lockdowns.

Meanwhile in Washington yesterday, Dr. Anthony Fauchy, he's a senior member of the White

...