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. 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.
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