Business Daily – Pressure forces IMF to review lending terms

IMF managing director, Dominique Strauss-Kahn speaks with Kenya's President Mwai Kibaki at his office in Nairobi on March 08, 2010. Photo/REUTERSThe International Monetary Fund (IMF) is ditching its prescriptive fund disbursement method for a quicker, country-specific process.The new programme dubbed the Rapid Credit Line, is expected to provide less conditionalities and ease access to funds at lower interest rates, giving African economies a shot in the arm and strengthening their resilience against economic crises.“The new rapid credit lines will allow less developed countries to access stabilisation funds which have fewer intrusive conditionality terms, a zero interest rate and tailor made for a specific country’s needs to ensure immediate access to the fund”, said Dominique Strauss-Kahn, the managing director of the IMF, while addressing a public forum at the University of Nairobi.

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