BUSINESS

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

Do you want to add feedback to this story?

Please add a comment in the box below or send an email to info@thereadersbureau.comsend us a message on WhatsApp at 646-874-7976 or Call us at 201-500-7715