May 28, 2022

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IMF TO INTRODUCE NO INTEREST FOR LOW INCOME COUNTRIES

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IMF TO INTRODUCE NO INTEREST FOR LOW INCOME COUNTRIES



The International Monetary Fund (IMF) boss Ms Christine Lagarde has introduced no interest rates on their facilities to low income countries till 2018.

This message was disclosed in the IMF/World Bank 2016 General Meeting on Thursday.

To this regards, the IMF boss makes the following statements:

“In this context, I am pleased to note that our board has approved zero interest rates on all fund concessional facilities until 2018.”

“This is really important for low-income countries to be able to actually absorb the shocks without necessarily going to the international markets or relying on bilateral lending that can be far expensive,’’

“With 1.6 per cent overall growth for sub-Saharan Africa, we really are going to develop our technical assistance, our training, our help in building capacity in addition to financing infrastructure, there is also the cap.”

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Also, the President of the World Bank Group, Mr Jim Kim, in another conference states clearly the bad state of many developing countries since 2009.

“If we are going to end extreme poverty by 2030, we have got to continue to focus our efforts, and we have to face each global challenge with urgency and scale commensurate to the problem,’’ he said.

Source: NAN

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