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IMF has reached goal to add $3 billion to trust fund for poorest countries-Georgieva

Published 10/14/2023, 08:08 AM
Updated 10/14/2023, 08:10 AM
© Reuters. World Bank President Ajay Banga, World Bank Secretary Mercy Tembon, Ukraine Minister of Finance Serhiy Marchenko, International Monetary Fund (IMF) Secretary Ceda Ogada and Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva p

MARRAKECH, Morocco (Reuters) - The International Monetary Fund has met its fundraising target to increase concessional trust fund resources for the world's poorest countries by $3 billion, IMF Managing Director Kristalina Georgieva said on Saturday.

Georgieva said in a statement that the contributions completed during IMF and World Bank annual meetings in Morocco "will allow the IMF to continue to support low-income countries with zero-interest rate financing to meet their evolving needs."

© Reuters. World Bank President Ajay Banga, World Bank Secretary Mercy Tembon, Ukraine Minister of Finance Serhiy Marchenko, International Monetary Fund (IMF) Secretary Ceda Ogada and Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva preside over the annual meeting's plenary during the annual meetings of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera/File Photo

She said that PRGT lending has increased five-fold to $30 billion since the onset of the COVID-19 pandemic, with about 30 countries still with loan programs. Demand for the trust's resources is expected to reach $40 billion through 2024, about five times the historical average.

The IMF had urged member countries to fill a $1.2 billion gap in the $3 billion subsidy account endorsed by the membership in 2021. Georgieva said 40 countries had stepped up to contribute, and one-third were emerging-market economies.

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