The year 2020 will be remembered as the worst recession since the Depression. Green shoots of growth in the northern hemisphere summer were crushed by a second wave of the coronavirus pandemic that did not discriminate between rich and poor, leaving low-income countries hardest hit economically.

With the promise of a vaccine and broad political consensus to rebuild the global economy and stem the damaging aftershocks, 2021 is projected to be the year of recovery. At the centre of this effort is the International Monetary Fund (IMF), one of the most important financial policymakers among the international institutions...

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