Germany adds extra 80 million euros to IMF pot for poor countries

MARRAKESH: Germany will inject an additional 80 million euros ($84.27 million) into the International Monetary Fund's low-income trust for poor countries, Finance Minister Christian Lindner said on the sidelines of the IMF's meeting in Marrakesh on Friday.

The IMF has been urging member countries to fill a $1.2 billion gap in the $3 billion subsidy account.

Japan already made a "very impressive pledge" this week, according to IMF Managing Director Kristalina Georgieva.

The IMF expects further funds for the Poverty Reduction and Growth Trust (PRGT), which provides subsidies to enable zero-interest rate loans to the poorest countries, on Saturday.

The PRGT, created in 2021 to mitigate the effects of the coronavirus pandemic, has helped over 50 countries, including Haiti and Nepal, with loans worth around $29 billion. ($1 = 0.9493 euros)