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IMF says $10 trillion spent to combat pandemic, far more needed

Governments around the world have spent $10 trillion in fiscal actions to respond to the novel coronavirus pandemic and its economic fallout, but significant further efforts are needed, the head of the International Monetary Fund said on Thursday.

IMF Managing Director Kristalina Georgieva said new estimates suggested that up to 100 million people could be pushed into extreme poverty as a result of the crisis, and further spending should focus on minimizing job losses and preventing a rise in inequality.

To promote a more inclusive recovery, investments should focus on improving access to health care and education, strengthening climate protections and broadening the access of low-income households and small business to financial products and technology, she wrote in a new blog on the IMF’s website.

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Meeta Ramnani
Meeta Ramnani
Meeta develops credible content about various markets based on deep research, opinions from experts and inputs from industry leaders. As the managing editor at Smart Industry News, she assures that every piece of news and article adds to the knowledge of decision makers. An avid bike rider, Meeta, is a postgraduate from Indian Institute of Journalism and New Media (IIJNM) Bangalore, where her specialization was Business Journalism. She carries experience from mainstream print media including The Times Group and Sakal Media Group.