"The IMF has been at the forefront in helping low-income countries (LICs) address the macroeconomic impact of the global food, fuel, and financial crises. LICs have been hard hit by massive increases in world food and fuel prices during 2007-08 and subsequently by the global financial crisis. In response, the Fund has dramatically stepped up its financial assistance to LICs, revised its conditionality framework, and revamped its concessional lending facilities." (Quoted from paper)