Economics
IMF Works to Speed Support for Record Developing-Nation Requests
- Lender of last resort looks to boost fast-acting loan measures
- About half of the fund’s 189 countries seek funds for pandemic
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The International Monetary Fund is going into overdrive heading into its spring meetings next week as the global pandemic spurs urgent aid requests from a record number of developing countries.
IMF Managing Director Kristalina Georgieva is focused on winning board approval for tools to lend money as quickly as possible. One plan would double the $50 billion available through two emergency financing mechanisms because countries have requested about half the existing resources already. Another would make available short-term loans to a small group of strongest nations to avoid a cash crunch.