MOSCOW (Pakistan Point News / Sputnik - 12th May, 2021) Switzerland has prolonged its cooperation with the International Monetary Fund (IMF) on assisting developing nations worldwide for the next five years, the Swiss government announced on Tuesday.
"Switzerland is strengthening its cooperation with the International Monetary Fund (IMF) in developing countries. On 12 May, the Federal Council decided to invest CHF 25 million [$27,6 million] in bilateral cooperation over the next five years," the government said in a statement.
It argued that the IMF is a vital tool for providing technical assistance to developing countries in terms of economic policy. In particular, Switzerland managed to provide "tailored, flexible technical help" to previous recipient countries, including Colombia, Peru, Tunisia, Ukraine, and Albania.
In the former four nations, the scheme introduced "a property price index, which allows housing bubbles to be recognized early."
In its turn, Albania received a plan "to mitigate Currency risks associated with the economy's heavy dependence on the euro," the statement read.
According to the Swiss government, the collaboration with the IMF helps enhance the resilience and stability of the world's developing states.
