Friday, March 6, 2009

IMF Aids East Europe

The International Monetary Fund has played a major role in rescuing East Europe from the financial crisis.Since Q4 of 2008,the IMF has parceled out 50 billion dollars of its 250 billion reserves to East European and other countries,as they deal with cratering exports,investment and currencies.Social unrest has occurred in Bulgaria,Latvia and Lithuania because of the worsening downturn.Among recent IMF loans were 18.8 billion to Hungary,2.46 billion to Belarus,2.35 billion to Latvia and 16.4 billion to Ukraine.Pakistan has received 7.6 billion,while Iceland has gotten 2.1 billion.British Prime Minister Gordon Brown has called for an increase in IMF reserves,fearing a lenghthier crisis could deprive nations of aid,leaving them in economic winter.IMF officials say 500 billion would be enough for the crisis,but others aren't so sure.

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