Governments and central banks need to step up efforts urgently to support their economies in the face of the coronavirus crisis, the head of the Bank for International Settlements said on Sunday.
FILE PHOTO: Bank of Mexico Governor Agustin Carstens gestures during the delivery quarterly report from the Bank of Mexico in Mexico City, Mexico, November 22, 2017. REUTERS/Edgard Garrido/File Photo
“To give viable businesses a lifeline to tide them over the economic sudden stop wrought by Covid-19, a solution is needed to complete the last mile from potential lenders to those firms at the edge of the precipice,” Carstens said. A second step he recommended would be government-guaranteed loans by banks to small and medium firms, equal to the amount of taxes each paid last year, although it should only go to those that were profitable last year to limit scope for corruption.
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