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Business

IMF approves $17 billion loan scheme for low-income countries

Text by FRANCE 24 (with wires)

Latest update : 2009-07-29

The IMF has approved a scheme to make available 17 billions dollars in zero percent loans to low-income countries until 2014. Dominique Strauss-Kahn, Managing Director of the IMF, explains the details in an interview with FRANCE 24 (video).

The International Monetary Fund on Wednesday said it was scaling up lending resources to poor countries by up to 17 billion dollars through 2014, and suspending interest payments through 2011.
  
The IMF executive board approved "unprecedented measures that will sharply increase the resources available to low-income countries in this time of global crisis," the multilateral institution said.
  
The sale of IMF gold will contribute to the increase in the institution's resources for concessional lending to low-income countries, it said.
  
In response to the worst economic crisis in decades, the IMF has already more than doubled its financial assistance to low-income countries.

 

In an interview with FRANCE 24, Director of the International Monetary Fund (IMF) Dominique Strauss-Kahn Strauss-Kahn reports that the IMF is honouring this commitment and an agreement has now been finalised.  For the full interview, please click on the video.

Date created : 2009-07-29

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