IMF slashes borrowing costs by 36%, saving countries $1.2 billion yearly

Oct. 13, 2024 - Nairametrics

The International Monetary Fund (IMF) has announced it is reducing the costs for countries that borrow money from it by up to 36%. According to the statement, changes were made to how much they charge on loans, which will lower the borrowing cost by 36%, saving countries about $1.

2 billion each year. 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. However, the IMF’s lending practices have come under scrutiny in recent years, especially during periods of high global interest rates.

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