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Donor country

Sunday, June 24, 2012

Donor country

 
By virtue of the $1 billion lent by the Bangko Sentral ng Pilipinas (BSP) to the $450-billion global stability fund of the International Monetary Fund (IMF), the Philippines is now, as what the Palace definitely loves the sound of, a creditor nation.

With around $80 billion in foreign reserves, the country definitely does have the resources to be a contributor to the IMF which will be in the form of a loan that will earn interest.

More significant would be Noynoy’s bragging rights of the country infusing the same amount of contribution to the IMF fund as that of Malaysia and Thailand, both of which are way ahead of the country in terms of economic development..... MORE

SourceThe Daily Tribune

URL: http://www.tribune.net.ph/index.php/commentary/editorial/item/628-donor-country

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