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IMF Announces 45% Funding Increase for PALOP Countries

IMF Announces 45% Funding Increase for PALOP Countries

The International Monetary Fund (IMF) said it will increase by 45% the limit of financing to low-income countries, including some in Africa, including Mozambique, and also East Timor.

According to the international organization, the central point of the policy reforms approved by the IMF Board of Directors is “a 45% increase in the normal limits on access to concessional financing, together with the elimination of absolute limits on access by the poorest countries.

The statement released indicates that among the 69 low-income countries are Mozambique, Cape Verde, Sao Tome and Principe, Guinea-Bissau and Timor-Leste. Remember that these countries belong to the Portuguese-speaking African Countries (PALOP), with the exception of the latter, which is part of the Community of Portuguese-Speaking Countries (CPLP).

The announced reforms aim to “ensure that the Fund can flexibly support the financing needs of LICs [low-income countries] during the pandemic and recovery, while continuing to provide concessional loans at zero interest rates.

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