| As developing countries struggle to cope with the pandemic, they risk being set back further by restrictive fiscal policies. These were imposed by rich countries that no longer practice them - if they ever did.
Instead, the global South urgently needs bold policies to ensure adequate relief, recovery, and reform. Governments must mobilise and deploy resources sustainably and fairly, consistent with the Sustainable Development Goals . With rich countries’ refusal to help more, adequate government financing is crucial.
Taxation is typically a more sustainable, effective, and accountable way of raising government fiscal resources. But the pandemic has imposed extraordinary demands requiring massive urgent spending. National authorities can generate fiscal resources in two main ways, by collecting revenue or borrowing. Government borrowing is generally needed as revenue has been hit by the slowdown.Read more from this author
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