IMF board discusses $650bn expansion of reserves, process to be completed in August ...Qatar

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IMF board discusses $650bn expansion of reserves, process to be completed in August
source : Gulf Times ( Qatar ) () 8
The International Monetary Fund’s executive board on Friday discussed a proposed $650bn expansion of its emergency reserves, marking the next step in a process expected to be completed in August, the IMF said in a statement. The new allocation of the IMF’s reserve currency, or Special Drawing Rights, would be the largest in its history, IMF spokesman Gerry Rice said in a statement. It is aimed at helping the most vulnerable members of the global lender weather the Covid-19 pandemic and its economic fallout. G7 leaders this month welcomed the proposed expansion of the IMF’s emergency reserves, and backed a global target of providing $100bn to the most vulnerable countries. Following Friday’s

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