The pandemic has strained public finances across all country groups

As per the recent Report published by IMF (Fiscal Monitor - Fair Shot) stats although fiscal support actions have been massive, especially in advanced economies, other factors especially output drops have largely driven the rise in public debt ratios during 2020–21. The longer the pandemic lasts, the greater the challenge is to public finances. Government deficits and debt have risen to unprecedented levels, given major fiscal support, along with a sharp fall in revenues caused by contractions in output.