The International Monetary Fund hasannounced "unprecedented measures" to boost lending to low-income countries.
TheIMF said Wednesday the measures could increase concessional lending up to $17 billion.
"Thisset of reforms, which are aimed at improving our engagement and effectivenessin low income countries, are truly unprecedented in the history of the fund,"says Reza Moghadam, IMF director of strategy, policy and review.
Thereforms "go well beyond the mandate" of the G20 summit, he says, which lastApril pledged large sums for loans to poor nations. The summit was called in response to theglobal economic crisis.
"We'vebeen engaged in a series of reforms since the onset of the crisis to bothrespond to the crisis and build a more effective IMF beyond the crisis," hesays.
Fundingfor the enhanced lending measures may come in part from the sale of IMF goldreserves.
"Thepackage of reforms contains the availability of concessional financing of about$17 billion over the next six years," he says.
"Theaverage concessional lending in the fund for the last three years has beenabout $1 billion dollars per year?. Sofar this year, we have lent or committed about $3 billion. So more than the last three years puttogether has been committed just in the first six months of this year," hesays.
He expects about $8 billion will bespent by the end of next year alone.