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IMF's Georgieva says more funds needed to expand concessional loans to poor countries

FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva makes remarks during a closing news conference for the International Monetary Finance Committee (IMFC), during the IMF and World Bank's 2019 Annual Meetings of finance ministers and bank governors, in Washington, U.S., October 19, 2019. REUTERS/Mike Theiler

WASHINGTON (Reuters) - International Monetary Fund Managing Director Kristalina Georgieva said on Friday that IMF member countries will need to make more contributions to concessional lending for poor countries if the Fund is to expand these efforts.

Georgieva told the IMF can continue lending for now through the Poverty Reduction and Growth Trust based on Special Drawing Rights contributed so far by rich countries, but additional contributions will be needed.

“To keep the terms as concessional as they have been...and to keep repayment at the longer 10-year maturity that we have for low-income countries, we need to get from our members what we call subsidies resources and that is our next call into the membership,” Georgieva said. “I expect a positive response, but that is our next campaign.”

Reporting by David Lawder in Washington and Tom Arnold in London

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