IMF ready to help countries cope with Y2K problems WASHINGTON, Dec 3 (Reuters) - The International Monetary Fund on Friday promised to help countries cope with financial turmoil that might accompany the start of 2000, but admitted no country had applied for its new special Y2K loans.

An IMF statement said its Year 2000 credit line would provide money to ease trade and financial problems at the start of the year, when older computers might misread the date and malfunction or grind to a halt.

It said countries could use the money to ease an interruption to shipping or government services or to resolve problems caused by the shutdown of oil pipelines or factories.

``It would enable the fund to extend short-term credit to countries with short-term balance of payments problems,'' said Thomas Dawson, the IMF's head of external affairs department. ``It's open for business, but at this point there is no indication that countries are going to need it.''

The new lending facility has been available since October and the money must normally be repaid within six months. Borrowers have until March 31 to win the money.

Most industrialized countries say they are well prepared for computer problems which might accompany the start of next year, although developing nations have been looking for extra cash to modify computer systems and ensure things like hospitals, power plants and transportation work.

The IMF said it would let countries borrow up to 50 percent of their quota (or subscription) at the fund for Y2K loans, although this could rise under ``exceptional circumstances.''

This means a country like Ivory Coast could borrow some $190 million from the IMF.

http://biz.yahoo.com/rf/991203/3i.html

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-- LOON (blooney10@aol.com), December 03, 1999

Answers

They can't figure out how to ladle our money out fast enough! (Much/most IMF funds come from the good old USA taxpayer). Of course this is terribly politically incorrect to mention in a time of rampant, raving ("we don't need those kind of jobs") globalism.

Wouldn't it be really interesting if Y2K ITSELF prevented these countries from even applying for the money?

-- Sceptic (globalism@sucks.com), December 03, 1999.

With *friends* like the IMF, who needs enemies? (The IMF brought Asia down.)

-- Mara (MaraWayne@aol.com), December 03, 1999.