IMF says low-income countries need nearly US$500 billion in external financing through 2026
FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas/File Photo
WASHINGTON: Low-income countries will need nearly US$500 billion in external financing during the 2022-2026 period, the International Monetary Fund said on Thursday (Dec 8), an increase of about US$57 billion from a year-ago estimate due largely to spillovers from Russia's war in Ukraine.
The IMF said in a new policy paper that the Ukraine war, which has exacerbated inflation with major increases in global food, energy and fertilizer prices, will slow down the recovery of low-income countries from the COVID-19 pandemic and further delay income per-capita convergence with more advanced economies.
