The writer formerly chaired the Securities and Exchange Board of India and headed India’s largest mutual fund
Fear has stalked global efforts to fight Covid-19 — fear of infection, unemployment and economic decline. But another fear has hamstrung policymakers trying to address these problems: that of sovereign rating agencies.
Policymakers, particularly in the developing world, are concerned that spending what is needed on pandemic response could invite ratings downgrades. These in turn can lead to massive capital outflows and potentially trigger macro-financial instability and a currency crisis.
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