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Finance Secretary Benjamin Diokno asked the World Bank and other multilateral development banks to provide more concessional financing for low and middle-income countries.
“In this context, we welcome the proposed additional measures that could further increase the WB’s financing capacity, especially towards providing concessionality for low- and middle-income countries,” Diokno said. “The rapid increase in the level of the Secured Overnight Financing Rate poses significant risk burdens to IBRD countries such as the Philippines,” he said.
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