IMF Chief Urges Funding for Low-Income Country Trusts
Kristalina Georgieva urged IMF member states to fulfill funding pledges for trusts providing low-interest loans and debt relief to vulnerable nations.
International Monetary Fund Chief Kristalina Georgieva urged member states on Wednesday to fulfill pledges to increase funding for the Poverty Reduction and Growth Trust. Speaking at the annual meetings of the IMF and World Bank in Bangkok, Georgieva stated that the trust provides zero- and low-interest loans to low-income countries.
Georgieva warned that current economic trends and the rapid development of artificial intelligence could widen the gap between advanced and developing economies, especially as development assistance declines.
In addition to the poverty trust, the IMF is requesting that members replenish the Catastrophe Containment and Relief Trust. This fund provides grants for debt-service relief and cancellation for the most vulnerable member nations.
