In its annual reviewExternal link published on Wednesday, the IMF said Switzerland recovered strongly from the pandemic last year, but uncertainties remained high amid risks of higher inflation and adverse spillovers from the war in Ukraine.
“Policies should continue to be agile in responding to these challenges,” a statement said.
The IMF also recommends careful planning and lower non-priority spending or higher revenues to address old age pension reforms, climate, defence and energy security as well as tax reforms.
“There is space for deficits, but the fiscal framework is robust and not easy to modify,” the IMF said.
The international institution consisting of 190 countries, reiterated that Switzerland held up well during the Covid pandemic, but financial sector risks were growing and should be closely monitored.
The IMF is projecting economic growth in Switzerland to continue above average, at 2.2% this year.
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Switzerland plans to double IMF bail-out fund contribution
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The IMF’s “New Arrangements To Borrow” (NAB) fund was set up in 1998External link to issue emergency loans in cases where the global monetary system was under threat. At its annual meeting at the end of last year, IMF members agreed to double the potExternal link from $250 billion to $500 billion. This is to…
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