(Bloomberg) — The International Monetary Fund called on Mexico to implement short-term fiscal and monetary support to “limit the damage from the pandemic” and secure a faster economic recovery.

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In a statement released after an official visit to the country, IMF staff said the Mexican government’s response to the coronavirus outbreak was “very modest,” and encouraged it to more than triple fiscal support to households, private businesses and health care. The country could boost spending by 2.5%-3.5% of gross domestic product to offset further economic fallout, it said.

“Mexico has some fiscal space and enjoys comfortable market access that could be used in these difficult times,” the IMF said Tuesday, adding that it expects Latin America’s second-largest economy to contract 9% this year. “Based on these projections, employment, income, and poverty will take several years to return to pre-pandemic levels.”

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Mexico’s Plunge

President Andres Manuel Lopez