December 19, 2008 / 9:10 PM / 10 years ago

IMF to post profit amid increasing financial crisis

WASHINGTON, Dec 19 (Reuters) - The International Monetary Fund on Friday said it now expects a net income of about $11 million in fiscal year 2009, and not a shortfall of $294 million as previously forecast, as more countries turn to it for rescue loans in a deepening financial crisis.

“The improved income outlook reflects new lending activity that is estimated to generate additional fund income of about $247 million, assuming all disbursements under the recently approved arrangements are made as scheduled,” the IMF said.

Since early November, the IMF has approved rescue packages for Hungary, Iceland, Ukraine and Latvia as the global crisis spreads to more emerging economies. (Reporting by Lesley Wroughton; Editing by Chizu Nomiyama)

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