top
International
International
Indybay
Indybay
Indybay
Regions
Indybay Regions North Coast Central Valley North Bay East Bay South Bay San Francisco Peninsula Santa Cruz IMC - Independent Media Center for the Monterey Bay Area North Coast Central Valley North Bay East Bay South Bay San Francisco Peninsula Santa Cruz IMC - Independent Media Center for the Monterey Bay Area California United States International Americas Haiti Iraq Palestine Afghanistan
Topics
Newswire
Features
From the Open-Publishing Calendar
From the Open-Publishing Newswire
Indybay Feature

IMF Reports Uneven Global Growth: Fund Extends Zero-Interest Loan Program for Poor Count

by Greg
The International Monetary Fund (IMF) released its bi-annual report on the state of the global economy, noting that global growth is "subdued" and uneven.
The International Monetary Fund (IMF) released its bi-annual report on the state of the global economy, noting that global growth is "subdued" and uneven. Ahead of the IMF/World Bank Annual Meetings in Washington, the World Economic Outlook report‎ projects the economy to grow by 3.1 percent in 2016. The Fund notes "the precarious nature of the recovery eight years after the global financial crisis." The report notes strong growth in Asia but weaker growth in Latin America, Africa, the Caribbean and "advanced economies."

"Too many countries are still dealing with the effects of the global financial crisis," noted Eric LeCompte, a United Nations finance expert and the Executive Director of the religious development coalition Jubilee USA. "Some of the poorest countries face nearly insurmountable economic challenges."

The IMF projects 2016 growth of 1.6% in advanced economies and 4.2% in developing and emerging economies, with most of that growth coming from emerging economies in Asia. The Fund projects negative growth for Latin American and Caribbean countries and only 1.4% growth in Sub-Saharan Africa. The largest economies in South America and Africa (Brazil and Nigeria respectively) are both expected to contract in 2016.

On October 3rd, the IMF executive board voted to extend zero-interest lending to low-income countries. IMF Managing Director Christine LaGarde praised the decision and noted zero-interest loans would help low-income countries guard against future "shocks." According to the IMF, 55 of 70 low-income countries are currently in "debt distress" or at risk of debt distress.

"The IMF's decision means less debt for some of the world's poorest countries," stated LeCompte. "Extending zero percent interest on these loans helps mitigate the shocks many poor countries are struggling with."

Jubilee USA Network is an alliance of more than 75 US organizations and 550 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. http://www.jubileeusa.org
Add Your Comments
We are 100% volunteer and depend on your participation to sustain our efforts!

Donate

$110.00 donated
in the past month

Get Involved

If you'd like to help with maintaining or developing the website, contact us.

Publish

Publish your stories and upcoming events on Indybay.

IMC Network