IMF announces 36% reduction in borrowing costs for heavily indebted nations, effective Nov 1, 2024.

The International Monetary Fund (IMF) has announced a 36% reduction in borrowing costs for heavily indebted nations, cutting surcharges imposed on additional borrowing. This change, effective November 1, 2024, will decrease the number of countries paying these surcharges from 20 to 13, saving $1.2 billion annually. Critics argue the relief is inadequate against the backdrop of significant global debt, emphasizing the need for further reforms to support financial stability in emerging markets.

October 12, 2024
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