IMF gets $ 11.7 billion in pledges to support poor countries | latest news

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The International Monetary Fund said today, Thursday, that five rich countries pledged 11.7 billion dollars for a tool belonging to the fund for loans and grants to poor countries, while the Fund’s steering committee pledged to review the adequacy of resources needed to tackle the Corona virus pandemic.

Monetary Fund Director Kristalina Georgieva said that strong pledges to support the growth and poverty reduction trust fund, which came from Japan, Britain, France, Canada and Australia, accounted for about 70 percent of the $ 17 billion increase it requested Wednesday.

The pledges were announced at a remote meeting this morning of the International Monetary and Financial Committee, the Fund’s steering committee on global crises of 24 members.

Georgieva added that Germany pledged funds for another grant tool to provide direct financing to the poorest countries, raising the resources of the Trust Fund for Disaster Containment and Debt Relief to $ 600 million.

In a statement, the Monetary and Financial Committee reaffirmed its commitment to a strong fund that operates in the quota system and that is adequately funded and said that the fund should benefit from the relevant experiences of previous crises.

“We remain committed to reviewing the adequacy of quotas and continuing the reform process of managing the IMF under the sixteenth general review of quotas, including the development of a new indicative formula for quotas by December 15, 2023,” the committee said.





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