Previous crises never saw a simultaneous global collapse of both demand and supply, and this time there is little certainty of how long the sudden stop would persist. FMTNews Covid19
The Covid-19 pandemic has thrust the entire world – rich and poor – into uncharted territory, prompting extraordinary policy responses almost everywhere.
Developing countries are being economically and financially devastated by collapsing global trade, sharp capital-flow reversals, and currency depreciation, all of which intensify external debt-servicing problems.In India, for example, the Modi government’s inept, draconian response is forcing millions of vulnerable people out of cities and back to their native villages, generating a gratuitous humanitarian catastrophe on top of the underlying Covid-19 crisis.
Rather than wringing our hands, we must start preparing to do whatever it takes to prevent an even deeper catastrophe. First, the International Monetary Fund should be preparing a massive issuance of new Special Drawing Rights , its supplemental reserve asset. On the issue of SDRs, a massive new issuance would provide reserve assets to supplement struggling countries’ official foreign exchange reserves. At least SDR1-2 trillion, equivalent to US$1.4-2.7 trillion , will need to be created and distributed without conditionality across member countries, according to their quotas.
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