IMF Activates Emergency Finance
The International Monetary Fund (IMF) has activated an emergency finance mechanism to help countries hit by the financial crisis.
IMF chief Dominique Strauss-Khan said the lending procedure would allow the IMF to react quickly to support countries facing funding problems.
This mechanism was also used during the Asian financial crisis in 1997, and will help speed up approval of loans.
The news came as the Dow Jones ended down 7.3% - tumbling below 9,000 points for the first time since August 2003 and falling for a seventh consecutive session.
Published on October 10, 2008
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