The suite of changes agreed to by the IMF's executive board include adjustments to the surcharges paid by countries with high levels of debt, like Ukraine and Argentina, the Washington-based institution announced in a statement.
WASHINGTON - The International Monetary Fund (IMF) approved reforms on Friday that will lower members' borrowing costs by 36 percent and lift eight indebted countries out of the requirement to pay more to borrow money.
The reforms, which come into effect on November 1, will raise the threshold of debt at which IMF members countries start paying the surcharges, lifting eight of the countries out of the requirement to pay the additional borrowing costs, it added.
The IMF estimates that only 11 countries will meet the requirement to pay the surcharge once the new policy begins.
Combined, the measures approved on Friday "will lower IMF borrowing costs for members by 36 percent, or about US$1.2 billion annually," the Fund's managing director, Kristalina Georgieva, said in a statement.
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