"The Covid-19 crisis heightens the urgency of implementing these efforts to achieve sustainable and inclusive growth. Specific reform commitments at the time of the October Medium-Term Budget Policy Statement will be a critical step to buttress the credibility of the reform efforts and should be followed by steadfast implementation.
"A deep economic recession is unfolding as the decline in domestic activity and disruptions in the global supply chain resulting from the Covid-19 shock have added to a pre-existing situation of structural constraints, subdued growth, and deteriorating social outcomes." It added that if the government failed to achieve consensus to implement the envisaged reform agenda to reverse the economic stagnation of the last decade, this would pose serious threats to debt sustainability,"and generating destabilising effects such as inflation or financial repression".
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