IMF says historic $650B allocations of Special Drawing Rights will help vulnerable countries recover from Covid-19's impact and provide additional liquidity for the global economy
FILE PHOTO: International Monetary Fund logo is seen outside its headquarters during the IMF/World Bank spring meetings in Washington, US, April 20, 2018. will distribute about $650 billion in new Special Drawing Rights to its members, providing a "significant shot in the arm" for global efforts to combat the Covid-19 pandemic, Managing Director Kristalina Georgieva has said.
The International Monetary Fund's largest-ever distribution of monetary reserves will provide additional liquidity for the global economy, supplementing member countries’ foreign exchange reserves and reducing their reliance on more expensive domestic or external debt, Georgieva said in a statement on late Monday.
"The allocation is a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis," she said. Countries can use the SDR allocation to support their economies and step up their fight against the coronavirus crisis, but should not use the fiscal space to delay needed economic reforms or debt restructuring, the IMF said in separate guidance document.
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