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IMF urges India to prioritize food security, expand transfers to vulnerable

The International monetary fund has urged the country to prioritize food security and expand transfers to the vulnerable in the wake of the global economic crisis triggered by the war

The International monetary fund has urged the country to prioritize food security and expand transfers to the vulnerable in the wake of the global economic crisis triggered by the war in Ukraine.

The challenges coming from the economic consequences of Russia’s invasion of Ukraine were quite severe, informed Paolo Mauro, Deputy Director, Fiscal Affairs Department of the IMF.

Observing that inflation in India is somewhat elevated, he said that it is a little bit above the comfort zone for the Central Bank, which is already addressing that issue.

On the fiscal front, the budget is approximately neutral, which seems to be sensible at this time, he said in response to a question.

But given the rise in food prices, given the rise in energy prices, clearly this is a situation in which households are feeling the pain of the situation, Mauro said.

India has an effective history of in-kind transfers and also cash transfers to the population. We certainly would want that to continue and to be expanded, the top IMF official said.

First Published: 22nd April, 2022 15:45 IST

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