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Countries Will Need to Rebuild Fiscal Buffers Over the Medium Term to Long Term: IMF

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REUTERS/Johannes P. Christo/Files

Swift and decisive fiscal action was crucial to save lives, support vulnerable people and firms, and mitigate the economic contraction, said Vitor Gaspar, Director of the IMF’s Fiscal Affairs Department.

  • PTI Washington
  • Last Updated: October 14, 2020, 6:31 PM IST
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The International Monetary Fund said on Wednesday that the governments around the world have responded to the COVID-19 pandemic with discretionary fiscal measures amounting to USD 11.7 trillion and now they will have to rebuild the fiscal buffers over the medium-term to long-term period. Swift and decisive fiscal action was crucial to save lives, support vulnerable people and firms, and mitigate the economic contraction, said Vitor Gaspar, Director of the IMF’s Fiscal Affairs Department. But the sharp increase in primary deficits together with the deep fall in economic activity caused the global public debt to jump up to close to 100 per cent of GDP, in 2020.

“Going forward, over the medium-term, public debt is projected to stabilise, at a high level close to 100 per cent of GDP – up to 2025, Gasper told.

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