IMF Up The Ante In Lending Capacity

The board of governors of the International Monetary Fund (IMF) on Monday gave the approval to increase the institution’s lending capacity by US$650 billion, the last step in approving an initiative to boost aid to the most vulnerable countries.

In a statement, IMF head Kristalina Georgieva said the increased limit will help countries struggling to cope with the impact of the COVID-19 crisis.

The program, which had already been approved by the IMF’s executive board in mid-July, will be implemented on August 23.

Emerging and developing nations are to receive around US$275 billion in total.

Readers Bureau, Contributor

Edited by Jesus Chan

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