For IMF, global financial crisis proves budget boon

[Adsos Letter]

Source: AFP

WASHINGTON (AFP) - - The International Monetary Fund said Friday it expects to end its 2009 financial year in the black, mainly due to surging demand for its loans amid the global financial crisis.

A mid-year review showed the 185-nation institution headed into surplus in the financial year that ends on April 30, 2009, instead of the deficit previously projected, the IMF said in a statement.

"The Fund's income outlook for fiscal 2009 has improved, mainly as a result of new lending activity associated with the turmoil in global financial markets, and -- to a lesser extent -- as a result of stronger-than-projected returns in the Fund's investment account," it said.

The Washington-based institution forecast it would end the year with a surplus of about 11 million dollars; it initially had projected a shortfall of 190 million dollars.



Read more: http://sg.news.yahoo.com/afp/20081219/twl-finance-economy-imf-budget-4bdc673.html

[brentspeak]

1. Good to see the global neoliberal loan-sharking organization will be making a profit

Barf.

[Hydra]

2. Gee, color me surprised

F*cking disaster capitalists

[illuminaughty]

3. Time to read "Confessions of an Economic Hitman" again . n/t

[Runcible Spoon]

4. and people wonder why I hate neoliberal capitalism

:grr: