From The BBC:
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.
The scheme, which was used during the Asian financial crisis in 1997, will help speed up approval of loans.
He said the world was “on the cusp of recession”, but could still recover.
Speaking ahead of meetings of the IMF and World Bank, Mr Strauss-Khan urged countries to act “quickly, forcefully, and co-operatively” to solve the global economic problems.
A day after seven central banks around the world cut interest rates in an effort to calm financial markets, the IMF chief said further co-ordinated action was necessary.
“All kinds of policy co-operation are to be commended,” he said.
But he issued a stark warning against countries acting unilaterally to fight the crisis, referring to recent isolated moves by c…