May 8, 2020 (MLN): The International Monetary Fund (IMF) has been approached by over 100 countries for financial assistance to combat COVID-19.
During its briefing to the media, IMF informed that it has doubled access to its emergency facilities. Under the Rapid credit financing instrument, it said it plans to meet the demand of about $100 billion.
As of May 7, the IMF board has approved financing of $18 billion for 50 countries, it further revealed.
IMF moving at an unprecedented speed, in an unprecedented way to meet this unprecedented challenge.
Kristalina Georgieva, along with David Malpass, President of The World Bank, called for a suspension of debt service payments, for the poorest countries, from official bilateral creditors.
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