The International Monetary Fund on Friday approved measures that will reduce its members' borrowing costs by about $1.2 billion annually.
The fund's Managing Director Kristalina Georgieva said The approved measures will lower IMF borrowing costs for members by 36 per cent.
Ms. Georgieva said in a statement that the expected number of countries subject to surcharges in fiscal year 2026 will fall from 20 to 13.
This year, the IMF decided to review its policy on charges and surcharges for the first time since 2016, as higher interest rates globally have pushed borrowing costs higher.
The fund charges regular interest, plus surcharges for loans above a certain threshold or duration, and commitment fees for precautionary arrangements.
The IMF said the charge above the fund's interest rate will be lowered, while the amount and duration thresholds will rise, as will the threshold for commitment fees.
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