India has been heavily impacted by COVID-19, but has room to spend more money to help support the economy and provide a safety net to small business’ and vulnerable parts of society IMF Spokesman Gerry Rice said Thursday (September 10) in Washington, DC.
“We believe further fiscal stimulus is warranted, especially expenditures on health, food and income support for vulnerable households and support for businesses. Of course, moving ahead with that in the short term, a detailed, well communicated and credible medium-term fiscal consolidation plan is also important, alongside an increase in fiscal transparency. And we hope that we think that would help boost market confidence and thereby helping to reduce the cost of borrowing as well as help the economy overall ”
Taking questions at a virtual news conference, Rice said that the IMF is in constructive early talks with Argentine authorities and is in “listening mode” to guide next steps.
“In this phase we’re focused on, number one, listening to the Argentine authorities for their sense of priorities. We are fact finding by compiling more information on the current economic situation and establishing the modalities whereby we would work together. And so all of this is taking place in what I would characterize as a very constructive climate. We look forward to continuing to engage with the Argentine authorities in the period ahead to discuss, again, their plans to strengthen macroeconomic stability, kickstart growth and job creation, and reduce poverty and unemployment.”
And the IMF does not respond to specific judicial rulings in member countries, but in the wake of a recent supreme court decision in Ukraine finding that a special anti-corruption prosecutor was previously named in an unconstitutional manner, Rice said that the Fund does expect transparency and anti-corruption measures to continue as a fundamental basis for further funding.
“We never comment on judicial decisions. However, I can say this, that on Ukraine that creating an effective anti-corruption framework has been a critical element of the IMF’s engagement with Ukraine for the last few years, maintaining the independence and integrity of the National Anti-Corruption Bureau of Ukraine, the special anti-corruption prosecutor’s office and the high anti-corruption court is a key component. Of structural reforms to unlock stronger and more equitable growth and a I would say a prerequisite. Under the current IMF supported program.”