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IMF sets up fund to meet emergencies due to Y2K bug

R C Murthy in Washington

The International Monetary Fund has set up a special emergency fund to cover any balance of payments that result from the year 2000 computer bug.

This temporary facility, the amount of which is yet to be disclosed, will begin October 12 and expire end-March 2000 and will allow any member-country to access up to half of its borrowing limit with the IMF for a six-month period.

This is to reckon with contingencies like interruptions to production and shipments as well as temporary disruptions to international capital flows.

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