International Monetary Fund (IMF) don announce say dem go reduce borrowing kost for some of di world’s most indebted nations. Dis decision go lower IMF borrowing kost for members by 36%, or $1.2 billion every year. IMF Managing Director, Kristalina Georgieva, make dis announcement on Friday.
Di IMF executive board don agree to cut what dem dey call surcharges, fees wey dem impose on top of regular interest payments for countries wey borrow more than their allotted share or take longer to repay IMF loans. Countries like Argentina, Egypt, Ukraine, and Ecuador been carry di burden of dese fees mostly.
Dis move come after some IMF partners criticize di fees as unjustly punitive, especially at dis time of higher interest rates. Di reform go help eight indebted countries to no longer pay di surcharges, easing di financial burden on dem.
