June 22, 2009
As the financial downturn continues to stifle economic growth in developing countries, the U.S. Congress passed a bill last week that opens the way for much-needed relief. Included in a $106 billion war-funding package was $5 billion to secure $108 billion in additional lending by the International Monetary Fund. The approval, which CGD president Nancy Birdsall had twice urged in congressional testimony, moves rich countries closer to unlocking $1 trillion in crisis lending to developing countries. CGD’s Sarah Jane Staats tracks the progress of the bill as it moves to President Obama’s desk for final approval.