Japan to loan IMF $1 bil. to aid nations affected by war



13th November, 2001.

TOKYO: The Finance Ministry said Tuesday it has decided to contribute loans worth $1 billion to the International Monetary Fund's (IMF) low-interest loan program, in view of the increasing need to aid Pakistan and other countries amid the military conflict in Afghanistan.

The loans will be allocated from the outlay of the governmental Japan Bank for International Cooperation, the ministry said. The IMF program aids poor nations by extending low-interest, long-term loans, but program funds are likely to fall $1 billion to $1.5 billion short of what is expected to be needed between 2002 and 2005, according to the ministry.