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Ex-IMF chief economist: Emerging markets may need $1 trillion to deal with crisis

Filed under: International markets, Forecasts, Financial Crisis

a former chief economist suited for the international monetary bucks is dispelling any notion that the global financial crisis will not have on the agenda c trick important 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.

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“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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Ex-IMF chief economist: Emerging markets may need $1 trillion to deal with crisis originally appeared on BloggingStocks on Sat, 01 Nov 2008 18:40:00 EST. Please see our terms for use of feeds.

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