VSO for bankers

2 April 2009 By Hugo Dixon Follow @hugodixon

Eastern Europe, in particular, needs help to avoid collapse. But to make effective use of the new war chest promised by the G20, the IMF will need to channel funds to the private sector not its natural forte. This could be a pro bono opportunity for unemployed bankers.

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The G20 has agreed to provide an extra $500bn to the IMF. This is part of a $850bn plan to provide capital to developing countries to finance countercyclical spending, bank recapitalisation, infrastructure, trade finance, balance of payments support, debt rollover, and social support, the G20 said in its communiqué.

Last week the IMF agreed to offer new flexible credit lines to countries with very strong economic fundamentals and institutional policy frameworks. Countries which access these flexible credit lines will be able to borrow money for up to five years without agreeing to any changes in their economic policies.

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