Mar 5, 2009, 5:23 AM
In the face of the global financial downturn there is a need for donor agencies like the World Bank, the International Monetary Fund and the World Bank should step in and save developing and growing economies like
The IMF has seen a sharp rise in demand for its loans from African countries this year as their balance of payments is hit by a sharp drop in revenue from exports, volatile commodity prices and falling foreign investment. A continent of developing countries,
In the first five months of this year the IMF has committed about $1.6 billion to
"For the remainder of 2009 it is likely that the stock of our lending in
"This is clearly a reflection of what is happening in the world economy, but it is also a reflection of the IMF's conscious policy to scale up our assistance to
The increase is not only new lending for countries that graduated from IMF assistance during the decade of high economic growth but also increases in existing loan programs, said Nord.
Already the IMF last week approved a combined $545 million in emergency funding for
However the IMF urges such beneficiary countries to continue spending on vital infrastructure projects inorder to avoid any further damage.