IMF supports international community efforts to reduce poverty

The executive director of the International Money Fund (IMF), Rodrigo de Rato y Figaredo, announced in a speech at the World Global Development Center in Washington DC that IMF seeks to fulfill its duties towards member-countries with small incomes and supports the efforts of the international community to reduce poverty. According to him, the international community declared in the favor of reducing the accumulated debts of countries with small income and decided to increase assistance to several countries. Because the short term strategy of IMF requires a commitment renewal and an increase in efficiency of the help granted to countries with small incomes, IMF has already contributed to the process of debt reduction. The process has started in January 2006 and other financial organizations are taking IMF’s lead, the quoted source mentioned. The executive director of IMF has declared the size of the debt reduced varies from country to country, and together with the debt exempt from the Africa Development Foundation, the overall amount spared during the Multilateral Dept Spare initiative will evaluate at USD 50 blrd. The official has also mentioned that IMF has another important issue to solve: to make sure another debt crisis doe not take place. “There is a great risk that with this debt spare will be useless if the countries will take other loans to finance endeavors that will not imply economic growth, and these new loans will surely be granted at more unfavorable conditions” the official stated. The recommendations regarding new debt accumulation will be more efficient if IMF will offer an alternative source of financing, the official stated, and also mentioned that the international community has to understand the basic necessities of countries with small incomes and should offer loans with best possible conditions, so that these loans finance the evolution of the country and do not sum up in new huge debts. R. Moldova is, at present, capable of profiting from financial assistance of organizations from abroad, including International Money Fund (IMF), declared at the end of July the IMF mission leader, Thomas Richardson, just before his mission in Moldova ended. The mission had several discussions with Moldovan leaders regarding recent economic evolution, including the performance from within the new PRGF program. IMF Program for Moldova was approved at the begging of May 2006 for a period of 3 years, amounting to USD 118.2 million. The Document was approved on the base of the Mechanism for the Economic Growth and Poverty Reduction Paper (EGPRSP) and will be directed towards implementing its objectives.

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