{{The IMF Managing Director Christine Lagarde has said that her next focus is to raise funds for the IMF’s Poverty Reduction and Growth Trust (PRGT), which provides low-cost loans to poor countries in Africa, Asia and Latin America.}}<\/p>\n
She urged wealthy countries, which made a profit from the IMF’s sale of 403.3 tonnes of gold last year, to reinvest the windfalls into the PRGT.<\/p>\n
“We need more money in that trust if we want to finance concessional loans for the low-income countries,” she said after talks in Washington with African finance chiefs.<\/p>\n
The IMF in 2009 set a target to raise $17 billion to lend to the poorest countries. So far, 32 IMF member countries have reinvested profits from the gold sales into the fund.<\/p>\n
Lagarde’s comments were aimed at easing concerns that the IMF and donor nations may turn a blind eye to poor countries as they home in on containing the euro zone crisis.<\/p>\n
Elizabeth Stuart, a spokeswoman for Oxfam, said poor countries have exhausted their resources to deal with contagion from the rich world, while facing the first drop in aid since 1997.<\/p>\n
“Governments are throwing money at the IMF to deal with the European crisis, but where is the money for poor countries?” she asked.<\/p>\n
Meanwhile, earlier in March (15\u201328) IMF mission, led by Catherine McAuliffe, visited Kigali-Rwanda to conduct discussions for the fourth review under the Policy Support Instrument (PSI). <\/p>\n
McAuliffe issued a statement, \u201cRwanda\u2019s recent economic performance has been strong. The growth of real gross domestic product (GDP) exceeded 8% in 2011 and is projected to be in the range of 7.5\u20138% for 2012 and 2013.<\/p>\n","protected":false},"excerpt":{"rendered":"
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