** Black smokes billow from the flame as a fire broke out at a shoe market godown at Bhoirab in Kishoreganj on Sunday. NN photo ** Strike paralyses waterways across Bangladesh ** A ball goes past the Belgium's goalkeeper Thibaut Courtois (right) as Morocco's Romain Saiss (centre) and Morocco's Achraf Hakimi block his view from an offside position during the World Cup group F soccer match between Belgium and Morocco at the Al Thumama Stadium in Doha of Qatar on Sunday. Agency photo ** FIFA World Cup 2022: Messi leads Argentina to 2-0 win over Mexico ** Road crash leaves 3 dead in Chattogram ** PM officially announces completion of Karnaphuli Tunnel’s south side ** Workplaces are still not safe for women ** 10 killed in apartment fire in northwest China's Xinjiang ** Richarlison's second-half brace give Brazil 2-0 win over Serbia ** Son, Suarez subdued in Uruguay-Korea stalemate ** Raising retail power tariff: 3 more distribution companies submit proposals ** 6 hurt in three-wheeler crash on Mayor Hanif Flyover ** FIFA World Cup 2022: Young Spain rout experienced Costa Rica 7-0 ** Japan stun Germany with late strikes at World Cup ** Hundreds of vehicles get clogged with heavy traffic congestion in city’s Tejgaon area on Saturday. NN photo ** Japan stun Germany 2 goals in 8 minutes ** Bangladesh arrests man tied to death-row militants’ escape ** Traffic alert: Dhaka commuters urged to avoid Airport-Uttara route from tomorrow till Sunday morning ** A man dries up fishes at Bakolia area of Chattagram city on Tuesday ahead of imminent winter. NN photo ** Clothing piles up at Bangladesh warehouses as west cuts imports ** Six cops among 21 injured as police clash with BNP in Sherpur ** FIFA World Cup 2022: Saudi Arabia beat Argentina 2-1 ** Fire kills 38 at industrial wholesaler in central China ** Bangladeshi fisherman injured in firing by Myanmar border force ** Our police are not serious about their professionalism and honesty **

IMF approves new food shock financing window to ease war shortages

02 October 2022

Reuters, Washington :
The International Monetary Fund said its executive board approved a new mechanism for low-condition emergency loans to help vulnerable countries cope with food shortages and rising costs stemming from Russia's war in Ukraine.
The IMF said its new Food Shock Window will be open for one year through its existing Rapid Credit Facility and Rapid Financing Instrument programs for countries with urgent balance of payment needs that "are suffering from acute food insecurity, a sharp food imports shock, or from a cereals export shock."
The IMF's announcement did not mention any specific countries that would be eligible for low-condition emergency loans under the new window.
Two people familiar with the new mechanism said it would allow countries to borrow up to half of their quota, or shareholding, in the fund -- similar to the emergency Rapid Financing Instrument and Rapid Credit Facility, which were used to rush billions of dollars worth of financial assistance to IMF member countries struggling with the COVID-19 pandemic.
Among eligibility criteria, countries would have to show that the food import price shocks are creating a negative balance of payments impact of 0.3% of GDP. New IMF research identifies at least 48 countries in this category, including many of the world's poorest, most vulnerable and conflict-affected states.
Negative cereals export shocks would have to reach 0.8% of GDP for eligibility, and borrowers with unsustainable debt would be denied -- a rule that would cause difficulties for countries such as Lebanon or Sri Lanka..

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