IMF approves bond sales to member countries for first time to support bailouts; World Bank increases support 54% in 12 months to June to counter financial crisis
Jul 2nd, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The International Monetary Fund (IMF) on Wednesday approved plans to issue its own debt by selling bonds to member countries to boost capacity to fund bailouts. Also on Wednesday, the World Bank announced it committed $58.8 billion in its fiscal year 2009 - - the 12 months to June - - to help countries struggling amid the global economic crisis, a 54 percent increase over the previous fiscal year and a record high for the global development institution.