KATHMANDU, March 25: The International Monetary Fund announced major overhaul of its lending practices to member states to help stem recession, media reports from Washington said on Tuesday.
The reforms aim to provide flexible credit terms for well-run emerging-market economies which could be at risk in the current economic climate.
The Fund said the new reforms would streamline loan conditions, simplify costs and increase access to resources to those countries that meet a set of conditions.
Countries that qualify will be able to borrow larger amounts and will not be subject to the IMF´s conditions that the borrowers have usually criticized as "harsh" and curbing economic growth.
"These reforms represent a significant change in the way the Fund can help its member countries, which is especially needed at this time of global crisis," said IMF managing director Dominique Strauss-Kahn.
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The changes will also apply to existig programs, the IMF said.
