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IMF wants tax cuts to avert slump
IMF wants tax cuts to avert slump
Last Modified: 28 Jan 2008
By:
Faisal Islam
The International Monetary Fund wants countries to cut taxes or boost public spending to head off recession.
The International Monetary Fund is an organisation dedicated to budgetary discipline - one that rarely misses an opportunity to castigate countries seen as playing fast and loose with the public finances.
But the IMF is so concerned about the global economy that it is calling on countries to follow America's example and cut taxes or increase public spending.
The new head of the IMF, Dominique Strauss-Kahn, has concluded the economic outlook is so bad that reductions in interest rates alone will not be enough.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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