BriefingAsia-Pacific

IMF: Brother, Can You Spare a Billion?

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For the IMF, the global economic downturn could not have come soon enough. Two years ago, the Fund’s lending portfolio was a scanty $13 billion, down from $100 billion in 2003. As Argentina, Brazil, Uruguay, Indonesia, and the Philippines each paid off their loans early, the institution’s revenue stream slowed to a trickle. Since the institution’s operating costs are financed by fees and interest charged on its loans, its shrinking portfolio resulted in annual losses between $200 and $300 million. Forced to find alternative sources of income and reduce costs, the fund initiated plans to sell off some of its […]

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