By JAMES ANYANZWA More by this AuthorThe International Monetary Fund (IMF) has created a new lending facility to help build resilience of its member countries against economic shocks. The facility, dubbed 'The Resilience and Sustainability Trust (RST)', becomes a third pillar of the Fund’s lending toolkit after the General Resources Account and the Poverty Reduction and Growth Trust. The RST offers low-cost loans to developing countries with emergency currency or Special Drawing Rights (SDRs) that wealthy countries will contribute. In August the IMF created $650 billion SDRs with about $230 billion going to developing countries and more than $400 billion to developed countries, according to IMF rules. “The decision to allow developing middle-income countries to access the new trust recognises the significant difficulties these countries face,” Mr LeCompte added.

Source: Daily Nation April 19, 2022 08:42 UTC