A pedestrian with an umbrella walks past the International Monetary Fund headquarters in Washington, DC, US. Picture: 123RF/BUMBLEDEE
Nearly three-quarters of the IMF’s 190 members would be eligible to borrow from the new trust, the global lender’s first facility set up expressly to help countries manage balance of payments risks posed by longer‐term challenges, the paper reads. It would be available to low-income and vulnerable middle-income countries, including small states, many of which have been hit particularly hard by the pandemic and its economic effect.
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