A former chief economist for the International Monetary Fund is dispelling any notion that the global financial crisis will not have significant ripples for the developing world.
Simon Johnson, former IMF chief economist, said emerging market countries may need as much as $1 trillion, given difficulty accessing money in international credit markets, Bloomberg News reported.
"If we are really facing the problem I think we are, you need about $1 trillion," Johnson said.
IMF starts new liquidity facility
This week the IMF announced it's establishing an emergency loan program, an IMF Short-Term Liquidity Facility (SLF), that almost doubles borrowing maximums for emerging market countries. The goal is to prevent contagion, or the collapse of developing nation economies -- including overcome short-term liquidity problems -- due to the financial crisis.
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