The International Monetary Fund (IMF) said on Thursday that it has agreed to double the borrowing limits of the poorest countries under the Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) arrangements.

The IMF also began discussions this week on options for raising additional resources for concessional lending to allow the fund to scale up its capacity to assist low-income countries (LICs) over the medium term, said the fund in a statement.

These discussions stem from recent proposals discussed, among others, by the leaders at the London G20 Summit.

"This reform represents a significant step up in the fund's support for its low-income member countries -- which is especially needed in this global crisis," said IMF Managing Director Dominique Strauss-Kahn.

"The increased flexibility and the additional resources enable us to better meet the needs of the world's poorest countries, which have been severely hit by the global downturn," he added.

(Xinhua News Agency April 24, 2009)