The International Monetary Fund (IMF) says its executive board has approved some reforms and a funding package of SDR 2.7 billion ($3.6 billion) for low-income countries.
The International Monetary Fund says its executive board has approved some reforms and a funding package of SDR 2.7 billionThe multilateral said the reforms were on its concessional lending facilities and an associated funding strategy to preserve its ability to provide adequate support to low-income countries over the long term.
The IMF said that support to low-income members in response to the COVID-19 pandemic and subsequent major shocks was significantly scaled up.“The annual lending commitments have risen to an average of SDR 5.5 billion since 2020, compared with about SDR 1.2 billion during the preceding decade. Outstanding PRGT credit has tripled since the pandemic’s onset, while funding costs at the SDR interest rate have risen sharply,” the statement reads.
The statement said the envelope is more than twice the pre-pandemic capacity and is calibrated to ensure that the IMF can use its limited concessional resources to continue providing a vital balance of payment support to LICs while supporting strong economic policies and catalysing fresh financing from other sources.The multilateral said the review includes policy changes that reflect the increasing economic heterogeneity among LICs.
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