As a result, the IMF delivered a package of new assistance for low-income countries. It also increased its concessional lending capacity to poor countries to US$17 billion through 2014. All loans to low-income countries were 0% interest until 2011 and the IMF permanently lowered interest rates after that.
What we achieved
The International Monetary Fund approved a sale of 403 metric tonnes of gold reserves, in a move likely to raise $13 billion in cash to replenish its coffers for lending to low-income countries hit by the global economic downturn.
What we did
- We launched a petition to the IMF managing director, which received 50,000 signatures from ONE members.
- Bob Geldof met with the IMF managing director in April 2009 to present the petition.
- We held a press conference with the African Development Bank at the IMF headquarters in Washington, D.C.
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