IMF to lower member borrowing costs by $1.2 billion annually
The International Monetary Fund will reduce borrowing costs for its members by $1.2 billion annually starting from Nov. 1. This initiative, led by Managing Director Kristalina Georgieva, will decrease surcharges and increase thresholds for charges and commitment fees. Argentina, among the highest debtors, will save over $3 billion according to its Finance Secretary Pablo Quirno.