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Home arrow Home arrow The IMF scaled back global growth prospects this year and next
The IMF scaled back global growth prospects this year and next
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Friday, 21 December 2001
The IMF scaled back global growth prospects this year and next, projecting a modest 2.5% increase for both years. An IMF team visiting Moscow reported strong progress on financial reforms, while back in Washington the IMF hosted a delegation from Turkey, which is hoping for a $10 billion loan. The IMF also extended a $95 million stand-by credit to Ecuador. Both the IMF and the World Bank indicated they were temporarily suspending budgetary aid to the West African state of Guinea because of an unexpectedly large budget deficit. And owing to disagreements over the precise role of grants, members of the Banks soft-loan arm, the International Development Association (IDA), failed to finalize the 2002-2005 budget, with more talks expected early in 2002. The World Bank approved a $200 million loan to Indonesia, a $22.5 million credit to Nepal, a $100 million loan to Ukraine and finalized a $70 million structural adjustment credit for Serbia.
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