Covid-19 and IMF’s chance for redemption

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The Covid-19 pandemic has thrust the entire world – rich and poor – into uncharted territory, prompting extraordinary policy responses almost everywhere. The looming economic fallout will be more severe than that of the Great Depression, the 2008 global financial crisis, and perhaps even the two world wars.
After all, none of these previous epochal crises involved a simultaneous global collapse of both demand and supply, with little certainty of how long the sudden stop would persist. In an already unequal world, the Covid-19 meltdown has further increased inequalities within and among countries. Developing countries (even those with very few coronavirus cases) 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. Moreover, policy responses with…