The Executive Board of the International Monetary Fund (IMF) has embarked on a reformation journey to improve the livelihood of poverty-stricken countries, dubbed as the Poverty Reduction and Growth Trust (PRGT).
This package includes $8 billion to last for over the next five years and it will help these countries manage economic challenges.
Kristalina Georgieva, the managing Director of the IMF, assured that this reform will transport financial support to countries who, really, need it so as to boost their economies.
To ensure that these needy countries get the help they need, the IMF director stated that a new interest rate mechanism will maintain and ensure concessional lending terms.
