The IMF is making available about $50 billion through its rapid-disbursing emergency financing facilities for low income and emerging market countries that could potentially seek support.
Of this, $10 billion is available at zero interest for the poorest members through the Rapid Credit Facility.
“For our part, the Fund is ready to help its membership. Our staff are currently working on identifying vulnerable countries and estimating potential financing needs should the situation deteriorate further,” said IMF Managing Director Kristalina Georgieva.
The IMF has resources available to support the membership:
- Thanks to the generosity of shareholders, IFM has about $1 trillion in overall lending capacity.
- For low-income countries, the Fund has rapid-disbursing emergency financing of up to $10 billion (50 percent of quota of eligible members) that can be accessed without a full-fledged IMF program.
- Other members can access emergency financing through the Rapid Financing Instrument. This facility could provide about $40 billion for emerging markets that could potentially approach us for financial support.
- IFM also has the Catastrophe Containment and Relief Trust – the CCRT – which provides eligible countries with up-front grants for relief on IMF debt service falling due. The CCRT proved to be effective during the 2014 Ebola outbreak but is now underfunded with just over $200 million available against possible needs of over $1 billion.
Original source: IFM
Published on 04 March 2020
