Now is the time for big infrastructure projects, says the IMF

Higher public spending urged as way of boosting employment and GDP at relatively low cost

The International Monetary Fund has told its member governments they can create millions of jobs and boost recovery prospects if they use higher public investment to respond to the severe economic challenge posed by Covid-19.

Before its annual meeting this month, the Washington-based fund said historically low interest rates meant it was a good time to borrow for long-term infrastructure projects and said the spending would help tackle rising unemployment.