IMF chief Georgieva says G20 is shifting ahead to work on SDR allocation

LONDON (Reuters) – The G20 main economies group has given the inexperienced gentle to the Worldwide Financial Fund to work on a brand new allocation of particular drawing rights (SDRs), Fund chief Kristalina Georgieva stated on Tuesday.

“Final Friday on the G20 assembly, we lastly received the inexperienced gentle to work on a brand new SDR allocation,” Georgieva advised the IMF’s African Fiscal Discussion board.

“500 billion – during which every member of the IMF would obtain its personal share contributing instantly to the reserves,” she stated, with out specifying the financial unit.

Group of 20 main economies on Friday expressed broad help for growing the IMF’s emergency reserves after U.S. officers deserted opposition from the earlier administration.

Italy, which leads the G20 this yr, is pushing for a $ 500 billion SDR difficulty, an initiative backed by many different G20 members to supply liquidity to poor international locations hit onerous by the COVID-19 pandemic with out growing their degree of debt.

Nobody on the IMF was capable of instantly make clear.

Report by Karin Strohecker and Tom Arnold,

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