‘Despite Economic Slowdown, India Has Done Great Work,’ IMF All Praises Over COVID-19 Policy Response


New Delhi: The International Monetary Fund (IMF) on Thursday strongly supported India’s policy response towards coronavirus pandemic and the need to increase investment in the country’s health care sector. Also Read – COVID-19: Hrithik Roshan Pledges to Donate Rs 25 lakhs to Cine and TV Artistes’ Association (CINTAA)

Speaking to news agency PTI, IMF Director Asia-Pacific Chang Yong Rhee praised the Reserve Bank of India (RBI) said that the monetary regulator has done great work to support financial stability and help the Indian economy, that was experiencing a slowdown, cope with the fallout from this pandemic. Also Read – COVID-19: Lockdown Not a Solution But Don’t Want to Indulge in Tu Tu Main Main, Says Rahul Gandhi

“India entered the pandemic turmoil in the midst of a credit crunch-induced slowdown and its recovery prospect becomes more uncertain. Despite the economic slowdown, the government implemented a nationwide lockdown and we support India’s proactive decision,” Rhee said. Also Read – Red, Orange, Green: Check in Which Category Your State Falls | In Photos

We strongly support India’s policy response to the pandemic, including the fiscal stimulus package and the proactive decision to pursue a nationwide lockdown to stem the spread of the virus and to save lives, Rhee added.

He also appreciated the finance ministry’s response to boost liquidity and provide relief to borrowers and financial institutions.

The Finance Ministry unveiled a Rs 1.70 lakh crore economic package on March 26 involving free foodgrain and cooking gas for the poor for the next three months. The Indian government has extended the ongoing nationwide lockdown till May 3 to contain the spread of the pandemic.

Notably, as Rhee pointed out, it is extremely crucial for India to address health needs with top priority being the world’s second-most populated country and also one the most congested ones.

Comprehensive structural reforms are needed to achieve more inclusive and sustainable medium-term growth. The pandemic has highlighted the need to increase investment in the health care sector. It is crucial to prioritise health spending for medical equipment; compensate doctors and nurses appropriately; and make sure that hospitals and makeshift clinics have enough to function effectively, he said.

He further suggested that the government can commit to more credible and clearly defined medium-term measures, along with increasing fiscal transparency. Long-standing and medium-term priorities include infrastructure investments, land, product market, labour, and other reforms, such as increasing female labour force participation and access to finance to create more and better jobs, he said.

While the  the number of coronavirus in India rose to to 12,380 on Thursday, with 414 fatalities, Rhee also said that the Centre should not hesitate in extending the lockdown as needed.

With PTI inputs


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