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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Illustration: Sarah Grillo/Axios

Coronavirus infections are rising in emerging countries like Brazil, Russia and India, which are now three of the five countries with the highest number of confirmed cases.

Why it matters: To offset some of the negative economic impact from the pandemic, governments have announced massive fiscal packages and new borrowing that threatens their credit ratings and the sustainability of their budgets, the IMF warned in its latest World Economic Outlook.

What they're saying: “The steep contraction in economic activity and fiscal revenues, along with the sizable fiscal support, has further stretched public finances, with global public debt projected to reach more than 100% of GDP this year,” the fund said.

  • In its base-case scenario, global public debt will reach a record high in 2020 of 101.5% of GDP and 103.2% of GDP in 2021.

What to watch: At its April meeting the IMF recommended coordinated fiscal stimulus, a moratorium on debt payment and debt restructurings, and additional financing and grants for the world's poorest countries.

  • Outside of financing and grants from the IMF and World Bank and a moratorium from official creditors for some countries, none of that has yet materialized.

The bottom line: Unless action is taken, the emerging world could face an escalating virus epidemic with less available capital and a growing pile of debt.

Go deeper: Policymakers eye next round of coronavirus economic relief

Go deeper

The national security risks hiding in Trump's debts

Illustration: Aïda Amer/Axios

The blockbuster New York Times report on President Trump’s taxes reveals that the president is $421 million in debt, with more than $300 million coming due during Trump’s potential second term — and the identities of the president’s creditors remain unknown.

Why it matters: If some, or all, of this debt is held by foreign actors, it raises serious national security implications.

Caitlin Owens, author of Vitals
55 mins ago - Health

Pfizer CEO feels "liberated" after taking COVID vaccine

Pfizer CEO Albert Bourla. Photo: "Axios on HBO"

Pfizer CEO Albert Bourla tells "Axios on HBO" that he recently received his first of two doses of the company's coronavirus vaccine.

Why it matters: Bourla told CNBC in December that company polling found that one of the most effective ways to increase confidence in the vaccine was to have the CEO take it.

Dan Primack, author of Pro Rata
58 mins ago - Economy & Business

Ripple CEO: SEC lawsuit is "bad for crypto" in the U.S.

Ripple CEO Brad Garlinghouse tells "Axios on HBO" that if his company loses a lawsuit brought by U.S. regulators, it would put the country at a competitive disadvantage when it comes to cryptocurrencies.

Between the lines: The SEC in December sued Ripple, and Garlinghouse personally, for allegedly selling over $1.3 billion in unregistered securities. Ripple's response is that its cryptocurrency, called XRP, didn't require registration because it's an asset rather than a security.