Fiscal policies to protect people during the coronavirus outbreak by Vitor Gaspar and Paolo Mauro published by IMF (3/2020).
“A key role of government is to protect the well-being of its people—most crucially and visibly during emergencies such as the recent outbreak of the coronavirus. The IMF has $50 billion available in rapid-disbursing emergency financing to help countries suffering from the virus. As Managing Director Kristalina Georgieva said, what we want is to guarantee that people are not going to die because of a lack of money.
Saving Lives
The priority for governments and the global community is to prevent people from contracting the disease and to cure those who do. More health spending can save lives both at home and globally.
Given the virus’ rapid contagion, action can help ensure that countries’ health systems—including those that have limited capacity—do not become overwhelmed.
The health spending must occur regardless of how much room in the budget a country may have. Low-income countries urgently need grants or zero-interest loans to finance the health spending they might not otherwise be able to afford. Experience with past epidemics, such as Ebola, shows that speed in deploying concessional finance is essential to contain the spread of the disease.
Developing an effective vaccine also requires public money…”
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