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COVID-19 has threatened the food security of the poor due to the lockdown of markets amidst poor institutions and lack of social safety nets in the developing world. Research shows that food security has already worsened since the crisis hit and would presumably worsen further in the future unless rapid measures are taken to attenuate it at the earliest.
As governments around the world, including the Indian government, mount a fiscal response to the Covid-19 crisis, the question of how to finance the fiscal response has risen to prominence. We argue that the option of the central bank monetizing the additional government debt and then writing it off offers a pragmatic way out.