Thursday, October 08, 2009

$4 billion dollars to IMF to fight poverty

France and Britain have announced that they are allocating $4 billion to the International Monetary Fund in order to help poorer countries rise out of this time of economic harship. The money will go specifically to the new department of the IMF that helps out developing countries that cannot afford to import goods. The director of the IMF declared this historic and said that had the money not been given, the IMF might not be able to continue its low income country loan facility. Without which the developing countries would have to pay interest rates on the loans. Both countries game up about 20% of their extra SDR quota. Although this was a slight move to keep the UK on the IMF top table, the donastion is still a step that other countries should look to make.
-Sara Frodge
Source: BBC News