IMF has reached goal to add $3 billion to trust fund for poorest countries
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.»
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.
