'fragile' Countries Get New Support From The Imf

An IMF trust fund aiming to assist low-income and fragile middle-income countries to cope with long-term global challenges like pandemics and climate change will raise at least $45 billion, the institution said.

Resilience and Sustainability Fund is scheduled to go into effect on May 1 and will be added to the $650B in reserves and special drawing rights that were allotted earlier this year, reports a local Arabic media

As the world faces successive shocks, Managing Director of the IMF Kristalina Georgieva stressed the need for immediate action to promote long-term sustainability.

As members of the fund seek to support the global economic recovery from the COVID-19 pandemic, its goal is to redistribute funds from the richest to the poorest countries.

In addition to the IMF’s 190 members, most members of the fund will also be eligible for loans. According to the sources, the fund would need close relationship between the World Bank and other international financial institutions.

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