IMF Backs New Package To Support World's Poorest During CrisisJuly 30, 2009 - 13:33 AMT PanARMENIAN.Net - The International Monetary Fund, stepping up lending to low-income countries to combat the impact of the global recession, has announced a new framework for loans to the world's poorest nations, including increased resources, a doubling of borrowing limits, zero interest rates until the end of 2011, and more flexible terms.The IMF's Executive Board approved the package of measures that will sharply increase the loan resources available to low-income countries. The resourcesincluding from the planned sale of IMF goldare expected to boost the Fund's concessional lending to up to $17 billion through 2014, including up to $8 billion over the next two years. In addition, the IMF announced zero interest payments up to the end of 2011 for all concessional loans to low-income members and lower interest rates on a permanent basis thereafter. A new set of lending instruments will underpin this increased support. The crisis originated in the advanced economies and has had its most visible impact on the emerging market countries. But a third wave of the crisis has threatened the remarkable economic achievements many low-income countries have made over the past decade, the IMF said in a press release. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | CSTO budget “to be adjusted due to Yerevan’s non-payment of contributions” The CSTO budget for the current year requires adjustments due to the refusal of Yerevan to pay their share of contributions. Russia sends note of protest to Armenia over envoy’s trip to Ukraine’s Bucha Russia has sent a note of protest to Armenia over the visit of Vladimir Karapetyan and Tigran Ter-Margaryan to Bucha. Armenia: Protesters march to parliament, some spend the night on street The protesters did not disperse despite heavy rain that began at around 2 a.m. local time. Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. |