IMF has reached goal to add $3 billion to trust fund for poorest countries-Georgieva

MARRAKECH, Morocco (Reuters) – The International Monetary Fund has met its fundraising target to increase concessional trust fund resources for the world’s poorest countries by $3 billion, IMF Managing Director Kristalina Georgieva said on Saturday.

Georgieva said in a statement that the contributions completed during IMF and World Bank annual meetings in Morocco “will allow the IMF to continue to support low-income countries with zero-interest rate financing to meet their evolving needs.”

She said that PRGT lending has increased five-fold to $30 billion since the onset of the COVID-19 pandemic, with about 30 countries still with loan programs. Demand for the trust’s resources is expected to reach $40 billion through 2024, about five times the historical average.

The IMF had urged member countries to fill a $1.2 billion gap in the $3 billion subsidy account endorsed by the membership in 2021. Georgieva said 40 countries had stepped up to contribute, and one-third were emerging-market economies.

(Reporting by David Lawder; Editing by Sharon Singleton)