L. L. FITUNI
Doctor of Economics Institute of Africa, Russian Academy of Sciences
Key words: International monetary relations, capital flows, IMF quotas, BRICS, low-income countries, external debt, global governance the past few years, the World Bank and the IMF have expanded their support to low-income countries (LICs) in response to changing economic conditions and their increased vulnerability to the global economic crisis. The IMF has adjusted its lending instruments mainly to meet countries ' needs for short-term and emergency support more directly.
The IMF has more than doubled the resources available to low-income countries to $17 billion. for the period from 2009 to the end of 2014 All concessional loans were charged zero interest until the end of 2012. Since 2013, the IMF has approved a two-year extension of zero interest rates on loans to low-income countries. This extension is part of a broad strategy to support concessional lending to poorer countries as they grapple with the effects of the global economic crisis. 1
The IMF's support to low-income countries needed to be upgraded as the economic situation in these countries changed, and many of them became more open and integrated into the global economy. Some have made progress in achieving macroeconomic stability.
In the 1990s, the vast majority of low-income countries faced the traditional economic problems of the newly liberated states, which required radical strategic changes in economic policy. The focus of national Governments ' efforts has been to achieve debt relief through restructuring or partial debt cancellation. At the same time, the degree of openness and integration of many of these countries ' economies into the global economy is increasing.
Many low-income countries enter international capital markets, goods and services, attract foreign investment, develop their own private financial sectors, and use money transfers sent to their home countries by citi ... Read more