IMF 'scales up' support for sub-Saharan Africa

30 July 2009

The International Monetary Fund (IMF) has announced a package of measures to help some of the world's poorest regions, including parts of sub-Saharan Africa.

Managing director of the organisation Dominique Strauss-Kahn said the move was "unprecedented" and will stop millions falling into poverty.

He added that the global economic crisis has hit low-income nations extremely hard and threatened to destroy their hard-won progress.

The measures include $17 billion (£10.3 billion) more concessional lending in the next five years, zero interest on outstanding concessional loans to the end of 2011 and a new set of lending instruments.

Mr Strauss-Kahn concluded: "The scaling up of the IMF's support not only will help these low-income countries weather a crisis that is not of their making ... it also will pave the way for progress in the battle against poverty."

Earlier this month, the IMF approved a $602.6 million poverty reduction and growth facility for Ghana, in a bid to tackle financial instability.

Acting chair and deputy managing director Takatoshi Kato said macroeconomic conditions in the country "deteriorated substantially" during last year.

Category: General