The International Monetary Fund (IMF) had provided $577 billion to address the consequences of the 2008 financial crisis and to support affected nations after the 2011 Arab Spring, according to a review released by the IMF on Wednesday.
“Drawing on lending instruments totalling SDR 420 billion (US$577 billion), the Fund supported Euro area countries as they built firewalls against financial contagion,” the review stated.
The IMF also dispersed funds to emerging economies and small states to help them address the collapse of trade and financing flows during the crisis. In addition, the economies of the Middle East and North Africa received support to implement reforms after the 2011 Arab Spring, according to the review.
“By boosting confidence and providing resources, alongside other global efforts, Fund-supported programs helped limit the damage and chart a path through the global financial crisis,” the review explained.
A total of 32 IMF programs aided 27 countries between September 2008 and June 2013.