Keep spending on Covid-19 crisis: IMF to G20 nations

Representative image. Credit: iStock

The International Monetary Fund on Monday warned Group of 20 major economies the coronavirus crisis was not over and called on the United States, Britain and other countries to increase the amount of fiscal spending currently planned.

Premature withdrawal of fiscal support at a time of continued high rates of unemployment would "impose further harm on livelihoods and heighten the likelihood of widespread bankruptcies, which in turn could jeopardize the recovery," senior IMF officials warned in a blog published Monday.