Previously, any country that borrowed more than 187.5 percent of their quota from the IMF had to pay surcharges of at least two percent in extra interest on the loans.
Business and Technology Reporter in Nairobi, Kenya
Nation Media Group
Kenya and the Democratic Republic of Congo (DRC) are among the top beneficiaries of the latest wave of reforms at the Bretton Woods institutions, as they gain access to more concessional funding and get a reprieve in debt servicing costs.
As promised by World Bank president Ajay Banga during the group’s annual meetings held in Marrakesh, Morocco, last year, the multilateral lender has, in the past two weeks, announced a series of changes that will mostly benefit low-income and highly indebted African countries.
