• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

IMF announces strategy to help vulnerable countries meet challenges

IMF

The Matters Press by The Matters Press
October 13, 2022
Reading Time: 2 mins read
0
Nigeria gets $12 billion credit from World Bank, IMF in 2020

Ms Kristalina Georgieva, Managing Director, International Monetary Fund (IMF), has announced the operationalisation of the Resilience and Sustainability Trust (RST), to help vulnerable countries meet long-term challenges.

RELATED POSTS

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Georgieva announced this in a statement obtained from the IMF website in Abuja on Thursday.

According to her, the new RST has become operational. Today, I notified the Executive Board that with our fundraising to date, the RST is ready to start lending operations.

” We promised, and we delivered. For that, I am immensely grateful to our members for coming together and showing solidarity in times of unprecedented challenges.

“In less than three years, the world has lived through shock, after shock, after shock.

“First, the COVID pandemic, then Russia’s invasion of Ukraine and the ensuing cost-of living crisis, and there is no pause button on the climate crisis while we deal with these other crises.”

She said as the IMF’s first-ever facility to provide long-term affordable financing, the RST aims to support countries build resilience to structural challenges, such as climate change and pandemics.

Georgieva said this would help maintain longer-term economic and financial stability while catalysing other public and private financing.

“With the strong support of our members, we have achieved the ambitious goal that was set by the IMFC and the G-20 to make the RST operational around the time of the 2022 IMF/World Bank Annual Meetings.

“This means that the Executive Board can start approving members’ requests for Resilience and Sustainability Facility (RSF) arrangements, and I look forward to the initial set of requests to be discussed at the Executive Board in the coming months.”

She said the IMF’s Executive Board approved the establishment of the RST in April, to serve as a third pillar of the IMF’s lending toolkit.

” This is in addition to the General Resources Account (GRA) and the Poverty Reduction and Growth Trust (PRGT), and provides financing with a 20-year maturity and a 10 and a half ‑year grace period.”

The managing director said the RST would support eligible low and middle-income countries, comprising about three-quarters of the IMF’s membership.

She said the RST would amplify the impact of the 650 billion dollars Special Drawing Rights (SDR) allocation implemented in 2021 by channelling resources from economically stronger members to countries where the needs were greatest.

The SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.

It is not a currency. It is a potential claim on the freely usable currencies of IMF members, as such, SDRs can provide a country with liquidity.

“My immense gratitude goes to Australia, Canada, China, Germany, Japan, and Spain for providing the first round of resource contributions amounting to a total of SDR 15.3 billion ( 20 billion dollars).

“This first round of RST resources represents just over half of the total of current RST pledges of SDR 29 billion (37 billion dollars ) from 13 countries.

“Further contributions are expected to become effective in early 2023 once countries have completed their domestic procedures, ensuring the RST is in a strong position to meet the demand for RSF arrangements in the coming years.”

Georgieva said additional countries were expected to pledge over time, and the fund would continue its fundraising efforts to broaden the pool of contributors and ensure that the RST had sufficient resources.

The managing director said the fund was also preparing the ground for RST lending to support policies for pandemic preparedness, through good cooperation with other international institutions.

Tags: IMF
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
Next Post
PENCOM launches radio programme

PenCOM begins verification of 2023 prospective retirees

Value of China’s export to US dips

Chinese Yuan strengthens to 7.1101 against dollar

Recommended Stories

Chevron, NNPC secure $1.4bn for drilling project

$17bn FDI in Nigeria’s oil gas sector in 2024, phenomenal feat

March 15, 2025
Value of China’s export to US dips

Chinese Yuan strengthens to 7.1186 against dollar

October 21, 2022
NASCO inaugurates Naira Cornflakes plant

NASCO inaugurates Naira Cornflakes plant

June 23, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us