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IMF mulls credit-crisis loans for Europe
23th Oct 2008 17:50
WASHINGTON--The International Monetary Fund is considering the lending of emergency funds to small and midsize European countries, including Ukraine, affected by the global credit crisis, it was learned Sunday
The emergency loan framework is in line with a new IMF loan proposal by Finance Minister Shoichi Nakagawa to help steady the financial system in emerging economies and small and midsize countries.
The IMF plans to set no ceiling and to relax conditions for such loans, compared with its normal lending policies, according to sources.
The IMF likely will provide emergency funding for Hungary and Iceland as well as Ukraine. It would be the IMF's first assistance to member economies hit by the ongoing global financial crisis.
The IMF has about 200 billion dollars immediately available that can be used for emergency loans for countries in need. If the provision of loans to Ukraine and other countries goes smoothly, some Asian countries as well as other European nations likely will seek financial assistance from the IMF, the sources said.
In principle, a member country cannot borrow from the IMF beyond its annual quota.
However, the IMF decided not to set a ceiling for the emergency loan plan in principle, judging it would be more effective to inject a large amount of money into such countries at an early stage to cope with the global financial crisis.
Source:http://www.londonstockexchange.com/en-
