Global: IMF doubles lending to Africa

As a response to the global crisis and an increased capital basis, the International Monetary Fund (IMF) has already more than doubled its lending to Africa this year compared to the record year of 2008. The Fund accepts less security, larger budget deficits but also demands shorter repayment terms. At a 'Lending for Africa' seminar at IMF headquarters in Washington this week, the Fund's Senior Advisor Roger Nord revealed that record lending programmes had already been initiated. IMF funding for Africa was on a steep rise since the global crisis had started.