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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