The International Monetary Fund (IMF) today completed the Review of Poverty Reduction and Growth Trust (PRGT) Facilities and Financing, the IMF’s vehicle for providing concessional financing to low-income member countries.
Issuing a statement Managing Director of the International Monetary Fund Ms. Kristalina Georgieva says, “Our membership today has adopted a comprehensive reform and financing package for the Poverty Reduction and Growth Trust (PRGT) to bolster the IMF’s support to low-income countries.”
“The package includes a framework to deploy IMF net income and/or reserves to generate about US$8 billion in additional subsidy resources for the PRGT over the next five years,” she said adding, “This agreement comes at a critical time as low-income countries have suffered a series of unprecedented shocks and face substantial financing needs. These reforms will help tailor IMF support to country-specific needs, recognizing the increasing economic heterogeneity of low-income countries.”
“Our global membership has demonstrated once again its shared commitment to support our low-income members in challenging economic times,” she stressed.