IMF chief wants to triple favourable financing for poor members

IMF chief wants to triple favourable financing for poor members

International Monetary Fund Managing Director Kristalina Georgieva said on Wednesday that the Fund is deploying all of its resources to proactively meet the challenges posed by the coronavirus pandemic and is looking to triple its concessional financing for the world's poorest countries to over $18bn.

"We have full support of the membership to go on the offensive to raise more capacity for concessional funding from the IMF. Our target is to triple what we do for those countries," she told a press briefing held by videoconference.

Earlier, Georgieva issued a statement to a meeting of Group of 20 (G20) finance ministers and central bank governors, saying the Fund was "urgently seeking $18bn in new loan resources for the Poverty Reduction and Growth Trust, and will also likely need at least $1.8bn in subsidy resources".

She also told the briefing there is "emerging consensus" to deploy existing Special Drawing Rights (SDRs) to allow more lending to developing countries.

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