5 Oct 2009

Aid funds allocated to IMF

5:27 am on 5 October 2009

The French and British governments have announced an allocation of $US4 billion to the International Monetary Fund to help poorer countries.

The money will go to a new loan facility to help countries which do not have enough money to pay for imports as a result of the economic crisis.

IMF managing director Dominique Strauss-Kahn said he hoped other countries would follow suit.

The BBC reports he revealed that the IMF would have run out of money for the loan fund - at zero interest rates - within months had France and Britain not come up with the money.