IMF prepares “unprecedented” $17 billion package of supports for poor nations; Will sell 400 metric tons of gold to fund lending
Jul 30th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The International Monetary Fund said Wednesday, it was preparing an "unprecedented" package of supports for poor nations, worth $17 billion. The IMF said the initiative involves a doubling of borrowing limits, zero interest rates until the end of 2011, and more flexible terms. The Fund will sell 400 metric tons of gold and use windfall profits to fund concessional lending.