IMF: Uni­ver­sal ba­sic in­come ‘looks good’

Business Standard - - ECONOMY & FINANCE -

Cit­ing an In­dian case study, the In­ter­na­tional Mone­tary Fund (IMF) has said that uni­ver­sal ba­sic in­come “looks good” when it sub­sti­tutes in­equitable and in­ef­fi­cient pub­lic spend­ing. With sev­eral coun­tries dis­cussing the op­tion of uni­ver­sal ba­sic in­come (UBI) for their un­em­ployed pop­u­la­tion, the IMF car­ried out a sim­u­la­tion ex­er­cise of var­i­ous sub­sidy schemes with UBI. A UBI is equal cash trans­fer to all in­di­vid­u­als in a coun­try. “And what we show in that ex­am­ple which is very telling is that given our es­ti­mate of the im­pact of the 2011 pro­gramme, UBI would ac­tu­ally ben­e­fit the poor more for the same bud­getary cost,” said Vi­tor Gas­par, di­rec­tor of fis­cal af­fairs, IMF.

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