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Monday, May 17, 2010

Some countries should tighten 2010 spending - IMF official

Some countries should tighten spending this year, but some, especially larger ones, can wait until 2011, Carlo Cottarelli, representative of the International Monetary Fund's fiscal affairs department, said on Monday.

"Too strong an action in 2010 could bring a slowdown in the economy," he said on the sidelines of an event. He did not mention specific countries.

Italy has done "relatively better" in terms of its budget deficit but needs to take on medium- to long-term corrections in health spending and pensions, he said.

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