Press Release No. 11/312

Press Release: Statement by IMF Managing Director Christine Lagarde on the Drought in the Horn of Africa

August 24, 2011

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today ahead of the Pledging Conference in Addis Ababa for countries affected by the severe drought in the Horn of Africa:

“On behalf of the IMF, I would like to express our deep concern to the countries affected by this human tragedy, and underline the Fund’s commitment to help as much as possible in the international assistance effort.

“We are working closely in our areas of expertise with affected countries in the region, including in assessing the economic consequences and financing needs. We welcome the support from the international community that has been pledged so far in a twin-track approach to provide immediate relief and ensure food security in the long term. We encourage others to join this effort. For our part, the IMF stands ready to provide financial assistance to affected countries, both by increasing support under existing programs and, where needed, through our Rapid Credit Facility, which provides quick-disbursing funds to countries facing an urgent balance of payments need. We are discussing requests from Djibouti and Kenya for additional assistance, and are ready to provide more to other affected countries if requested by the authorities.”