Changes in the way the International Monetary Fund lends to countries will apply to countries with existing programs and those currently in talks with the IMF, a senior Fund official said on Tuesday.
The IMF approved a major overhaul of its lending framework on Tuesday and said it would streamline loan conditions, simplify costs, and increase access to resources.
Addressing a news conference Reza Moghadam, director of the IMF’s strategy, policy and review department, said changes in loan conditions will apply as of May 1, while increases in resources will be effective immediately, and a new charging system will be implemented from August 1.
Over the past few months countries such as Hungary, Latvia, Ukraine, Serbia, Iceland and Belarus have turned to the IMF for rescue packages as their economies have been hit by the global crisis. (Reuters)