Public banks provide supportive credit, fiscal assistance, expert advice and macro-economic stability in ways that private financial institutions are often unable or unwilling to do. Although little discussed in the mainstream media, public banks have been on the front lines of dealing with this economic and health crisis, playing a critical role in stemming financial collapse, supporting households and communities, and channeling resources towards essential health and public services. From individuals who can no longer afford to pay for food, to SMEs unable to cover their rent, to national governments struggling with their balance of payments and skyrocketing health expenditures, the economic impacts of Covid-19 have been sweeping in scope and depth. Covid-19 has dealt a devastating economic blow around the world.
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