ISTANBUL

Measures against the novel coronavirus pandemic, such as health expenditure, tax, and spending supports for people and firms, will have $3.3 trillion of fiscal cost directly, the International Monetary Fund (IMF) said on Wednesday.

The COVID-19 and its economic results will cause a major increase in fiscal deficits and public debt ratios versus previous expectations, the IMF said in its report titled Fiscal Monitor 2020.

“In addition, although public sector loans and equity injections ($1.8 trillion) and guarantees and other contingent liabilities ($2.7 trillion) can support financial and non-financial enterprises, they also create fiscal risks,” it added.

The fund

Read more: Virus measures to cause $3.3T fiscal cost directly: IMF