Austerity programmes must spare the poorest: IMF official

Countries implementing austerity programmes to reduce debt must protect "the poorest and the most vulnerable", an International Monetary Fund official said here Sunday.
"Obviously given the very high debts burden for quite a few countries, taking austerity programmes and cutting the debt become very important for long-time growth," Zhu Min, a special adviser to the IMF management, said on the sidelines of an economic forum here.
But he also stressed the need "to support the poor and the vulnerable".
"We need to provide a social safety net for the unemployed people," he said while underscoring the "need to balance growth and austerity programmes".
"Global recovery is still in the process but downside risks are escalating," said Zhu, who served as special adviser to former IMF chief Dominique Strauss-Kahn.