A station Tanah Abang in Jakarta, Indonesia February 13, 2020. /Reuters

As governments rushed out funding to prevent an economic collapse amid the coronavirus pandemic, and global public debt has swelled to the highest in history, the IMF warned Friday that public health is still the top priority and cutting back too soon could undermine the recovery.

Government spending "will need to remain supportive and flexible until a safe and durable exit from the crisis is secured," IMF fiscal policy chief Vitor Gaspar and chief economist Gita Gopinath said in a blog post.

The debt figures are staggering – surpassing the size of the global economy, and deficits in advanced economies five times higher than pre-pandemic estimates for 2020.

"Policymakers should tackle the rising poverty and inequality, as well as the structural weaknesses exposed by the crisis to better prepare for future shocks," said in the blog post.

Source: CGTN