Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), announced that the IMF has approved measures that will reduce the borrowing costs of its members by approximately $1.2 billion annually. In her written statement, Georgieva emphasized that amid a challenging global environment and high interest rates, members have significantly cut down their borrowing costs. Georgieva noted that a comprehensive package had been agreed upon to maintain IMF’s capacity to support needy countries, stating, “The approved measures will reduce members’ IMF borrowing costs by 36% or around $1.2 billion annually. The number of countries expected to be subject to additional charges in the fiscal year 2026 will decrease from 20 to 13.” The approved package will come into effect on November 1, as Georgieva highlighted that while fees have been significantly reduced, the lending and risk management framework that relies on contributions from all members and access to support when needed will continue to be a core part. Georgieva also pointed out that the benefits of the reform will help the IMF continue to serve its members in a changing world.