Poor Countries Need Extra Financing - IMF
With the ongoing financial crisis, at least $25 billion will be needed by developing and poor countries to prevent economic meltdown, according to International Monetary Fund (IMF). According to economists and analysts, the financial aid can help vulnerable nations from succumbing to deeper recession that is costlier to resolve.
The International Monetary Fund (IMF) warned that poor countries will succumb to deeper recession and experience economic meltdown if financial assistance does not reach these vulnerable nations immediately.
According to IMF, developing and poor countries will need at least $25 billion to keep its economy afloat and prevent reaching bankruptcy which is even costlier to resolve.
The organization also said that international community should take a swift action to prevent more destructive effects of the financial crisis. IMF added that every economy is interconnected which means that one tumble will have a domino effect.
In a statement, IMF managing director Dominique Strauss-Kahn said financial crisis, which first hit industrial countries, has started to wreak havoc to vulnerable and poorest nations in the world.
Strauss-Kahn also urged donors to help vulnerable countries to prevent humanitarian crisis which may happen if people would fight for limited resources including food, water, and other basic needs.
“Low-income nations have made big improvements for the past decades including more political stability and lower poverty rate. If the international community will fail to help these countries, all the efforts will be put to waste”, he added.
According to a recent IMF report, there are 22 poor countries, which are greatly hit by the financial crisis, that need immediate financial assistance.
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