IMF says coronavirus crisis far from over, calls for more economic support
India TodayThe International Monetary Fund on Wednesday warned that the coronavirus crisis was “far from over” and underscored the need for multilateral cooperation to ensure adequate supplies once a vaccine is developed. In an essay published in Foreign Policy magazine, IMF Managing Director Kristalina Georgieva and chief economist Gita Gopinath said the ongoing economic recovery from the crisis was the result of the rapid implementation and unprecedented scale of government and central bank support, but more efforts would be needed. Read | India’s inflation in August likely to remain above RBI's target range: Poll COVID-19, the disease caused by the new coronavirus has killed 900,000 worldwide, and the IMF estimates the total cost of the crisis will reach $12 trillion by the end of 2021, with low-income countries likely to need continued support. In addition to supporting workers and businesses, and investing to arrest global warming and reverse rising inequality, the IMF leaders said governments must cooperate internationally to bring the health crisis to an end. “An uneven rollout might improve economic conditions in countries that secured the vaccine first but would not shield them from weak demand from trade partners struggling to recover without a vaccine.” Also Read | Govt spending declines even as Indian economy remains in reverse gear