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IMF decides to lend $10 trillion to Corona virus-affected countries

IMF decides to lend $10 trillion to Corona virus-affected countries

New Hampshire: The World Monetary Fund has announced a loan of up to $10 trillion at zero interest rates to countries affected by the Corona virus and causing economic hardship.

According to the World News Agency, the managing director of the IMF, Kristalina Georgiyeva, agreed to give member countries up to $10 trillion in debt relief from the Corona virus and to rebuild the economy. But emerging and developing economies will be given $50 billion and low-income member countries up to $10 billion.

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Managing Director Kristalina Georgiyeva added that 20 countries have expressed interest for loans and our effort is to provide interest free loans to Corona virus-infected countries on a priority basis and to speed up the economic crisis. Countries eligible for financing may have some recourse to run their affairs. In addition, CCRT funds can also help the poorest countries get rid of debt immediately.

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The IMF has already pledged a total payment of $200 billion, as the US Federal Reserve March 15 lowered interest rates to stimulate economic growth and protect the economy from the effects of the Corona virus. Also launched a $700 billion program.

It is to be noted that the IMF’s loan of up to $50 trillion has been raised after the UK pledged $19.5 million for the ‘CcRT Fund’, following British assistance to the CCRT. The fund will raise up to $40 million.

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