The International Monetary Fund said Thursday it will extend its flexible access to emergency funding for an additional 18 months to help nations severely impacted by the Covid-19 pandemic. The IMF’s executive board agreed on Monday to “temporary increases to the cumulative access limits under its emergency financing instruments” through June 2023, the Washington-based crisis lender said in a statement. “This decision reflects the expected and ongoing gradual shift to upper-credit-tranche quality arrangements from emergency financing triggered by urgent, pandemic-related balance of payment needs,” the IMF said. It also stressed that the decision ensures “continued access” by member countries to the IMF’s emergency financing should urgent balance of payment issues arise. The tools include the Rapid Credit Facility, an interest-free program available to low-income nations, and the Rapid Financing Instrument, which is available to all Fund members.

Source: Punch December 24, 2021 16:53 UTC