IMF slashes borrowing costs by 36%, saves countries $1.2 bn yearly

Oct. 14, 2024 - Daily Trust

The International Monetary Fund (IMF) has announced that it is reducing the costs for countries that borrow money from it by up to 36%. The fund noted that the changes include reducing extra charges on loans and raising the threshold for when these charges apply.

However, some charges will remain to ensure that the IMF has enough money to help countries in need and manage risks. The goal is to provide affordable loans to member countries while ensuring the IMF stays financially strong.

“The approved measures will lower IMF borrowing costs for members by 36 per cent, or about US$1.2 billion annually.

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