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UPDATE 2-Sub-Saharan Africa to receive $10 bln in SDRs-IMF

Mon May 25, 2009 10:45pm IST
 
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* Africa's share of IMF's planned new SDRs around $10 bln

* Continent's commodity exports hard-hit by world crisis

(Adds Ghana, Zambia aid packages)

By Joe Bavier

KINSHASA, May 25 (Reuters) -- Sub-Saharan Africa will receive around $10 billion from the IMF in Special Drawing Rights (SDRs) to help its economies weather the global financial crisis, the Fund's chief Dominique Strauss-Kahn said on Monday.

As part of a $1.1 trillion deal to combat the world economic downturn agreed at April's G20 summit, the IMF will issue $250 billion worth of SDRs, which can be used to boost foreign currency reserves.

"The amount that will be available for sub-Saharan Africa is between $10 and $11 billion," Strauss-Kahn, the IMF's Managing Director, said at the end of a three-day visit to cash-strapped Democratic Republic of Congo.

"It is a huge amount, which will increase gross international reserves and stabilise their currency, not only here in DRC but all around the world," he told journalists.  Continued...

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