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Michael Ciaglo, Getty Images via AFP
Over the past 12 months, countries have implemented as much as $16 trillion in fiscal actions in response to the Covid-19 pandemic.
Vaccinations, in particular, could be the highest return global investment ever, says director of the fiscal affairs department at the IMF, Vitor Gaspar.
According to the IMF, the global distribution of vaccines will have economic benefits such as employment growth and tax revenues.
Global access to Covid-19 vaccines will yield economic benefits such as stronger employment and even higher tax returns, according to the International Monetary Fund (IMF).
The IMF on Wednesday released its Fiscal Monitor report. Speaking at a virtual event on the report, the IMF s director of the fiscal affairs department Vitor Gaspar explained that countries made substantial fiscal adjustments in response to the global health emergency brought on by the Covid-19 pandemic in 2020.
2. Wide shot, IMF logo on building
3. Wide shot, Crew in IMF studio
7 APRIL 2021, WASHINGTON DC
4. SOUNDBITE (English) Vitor Gaspar, Director of the Fiscal Affairs Department at the IMF:
“The response of fiscal policy was unprecedented in speed and size. Government provided fiscal support in a timely and decisive way. In the last twelve months, countries have announced 16 trillion dollars in fiscal actions. In most countries, the fiscal response was an order of magnitude larger than the norm for business cycle fluctuations that was fully justified. As Covid-19 is a health emergency, it was crucial to financially enable health systems and to extend emergency lifelines to households and firms,”
Vaccine programme can help bolster economic recovery, says government news24.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from news24.com Daily Mail and Mail on Sunday newspapers.
IMF renews support for higher taxes to fund recovery Toggle share menu
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IMF renews support for higher taxes to fund recovery
The International Monetary Fund favors raising taxes on the wealthy to pay for pandemic programs, as well as a global minimum corporate tax AFP/Daniel SLIM
07 Apr 2021 11:39PM Share this content
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WASHINGTON: Wealthy firms that have done well during the pandemic could pay more in taxes to finance recovery efforts, the International Monetary Fund (IMF) said on Wednesday (Apr 7), as it backs a push for governments to unify their corporate tax rates.
The renewed support for the tax reforms comes as G20 finance ministers are meeting to discuss a minimum corporate tax that would undermine the use of tax havens that drain government coffers.