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IMF pledges its support for India

IMF pledges its support for India

The International Monetary Fund (IMF) has promised to strengthen its support for India in the wake of the second wave of Covid-19 that has devastated the country.

IMF director of communications Gerry Rice said this week: “We are following the events in India very closely. And we hope that the number of new infections will continue to decline.

“We stand ready to strengthen our dialogue and scale-up our technical collaboration. The human tragedy in India is a stark reminder that the pandemic continues to be a grave threat globally. At the IMF we are redoubling our effort to foster global collaboration.”

He said the IMF welcomed the move by several countries to provide immediate support to India, saying that a multilateral response is critical to overcome the pandemic in India and globally. “On the economic impact, India is an important economy globally. We will be revisiting our growth forecast for India and for the global economy in July,” he said

“For India, on the economy, it will be critical to continue with a coordinated policy response to fight the pandemic including through accelerating the vaccination campaign, providing fiscal resources to the health sector, and social support to the most vulnerable. We see these as the immediate policy priorities,” Rice added.

At the time of writing India had recorded 26 million Covid cases, with a death toll of 291,000 people.