The International Monetary Fund said on Thursday that five wealthy countries pledged to provide $11.7 billion to an IMF loan and grant facility for poor countries, as the Fund’s steering committee vowed to review the adequacy of resources needed to fight the coronavirus pandemic.
IMF Managing Director Kristalina Georgieva said the firm commitments to boost the capacity of the Poverty Reduction and Growth Trust came from Japan, the United Kingdom, France, Canada and Australia, representing nearly 70% of the $17 billion increase she asked for on Wednesday.
The pledges were made during a Thursday morning meeting of the International Monetary and Financial Committee, the global crisis lender’s 24-member steering committee, held by videoconference.
Georgieva also said that Germany had pledged funds to another emergency grant facility to provide direct funds for the poorest countries, boosting the Catastrophe Containment and Relief Trust’s resources to $600 million.