The International Monetary Fund revealed it has a funding shortfall of $165 million for the upcoming fiscal year starting May 1. The figure is higher than the initial estimate of $107 million. “The income shortfall largely reflects a larger-than-expected decline in IMF credit outstanding, owing to advance repayments by some members during fiscal year 2007,” a statement from the fund read. The agency said the deficit “will be offset against the Fund’s reserves,” which are valued at $9 billion.
Source: IMF widens deficit forecast to 165 mln usd (XFN-Asia)
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