Facing another year of a troubled economy, International Mission Board (IMB) trustees approved pulling an increased amount from reserves in their Jan. 26–27 meeting.
As angst grows over the world economy, board treasurer David Steverson noted that the declining value of the dollar, rising living costs overseas and medical expenses led the IMB to draw a “larger than usual” amount — about $7 million — from reserves.
Trustees allocated those funds to cover expenses — most of which allowed missionaries to keep up with rising living and medical expenses, helping them deal with a seven-year trend of a weakening dollar.
“I believe we need to buckle our seatbelts and get ready for another challenging year in 2009,” Steverson said.
“While I believe the worst of the stock market decline is behind us, we now have to deal with all the fallout of that decline.”
Anticipating another tough year, trustees had already tightened the 2009 budget — cutting administrative costs such as reducing travel expenses and not adjusting salaried wages — in their November meeting.
The budget allows for sustaining the current levels of missionaries on the field. Whether those numbers will rise above current levels will depend on the gifts of Southern Baptists.
“We remain confident that the Lord will provide,” Steverson added. “The Lord’s provisions may come in many forms, but make no mistake, He will provide.”
Trustees welcomed reports that the board’s human needs ministry appropriated more than $3.2 million for 119 projects in the fall.
Out of that amount, $2.3 million went toward world hunger needs, $701,945 went to general relief projects and $179,420 went to projects continued from 2004 tsunami recovery efforts.
A total of 508 human needs projects received appropriations in 2008 — including addressing the economic crisis in Zimbabwe, hurricane damage in the Caribbean and needs in security-sensitive areas. (BP)
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