{"id":204706,"date":"2021-08-03T15:54:57","date_gmt":"2021-08-03T15:54:57","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=204706"},"modified":"2021-08-03T15:54:57","modified_gmt":"2021-08-03T15:54:57","slug":"imf","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/imf\/","title":{"rendered":"IMF to allocate historic $650bn to help countries confront COVID"},"content":{"rendered":"

The Board of Governors of the International Monetary Fund (IMF) has approved a general allocation of $650 billion in special drawing rights yesterday to boost global liquidity and help countries face the coronavirus pandemic.<\/p>\n

IMF explained that the decision is considered \u201chistoric\u201d in light of the talk about the largest distribution of special drawing rights allocations.<\/p>\n

\u201cThis is a historic decision \u2013 the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis,\u201d IMF Managing Director Kristalina Georgieva said<\/a>.<\/p>\n

\u201cThe SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy,\u201d she said.<\/p>\n

\u201cIt will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis,\u201d she added.<\/p>\n

The general allocation of SDRs will become effective on August 23, 2021.<\/p>\n

The newly created SDRs will be credited to IMF member countries in proportion to their existing quotas in the Fund.<\/p>\n

Nearly $275 billion of the new allocation will go to emerging markets and developing countries, including low-income countries.<\/p>\n

\u201cWe will also continue to engage actively with our membership to identify viable options for voluntary channeling of SDRs from wealthier to poorer and more vulnerable member countries to support their pandemic recovery and achieve resilient and sustainable growth\u201d, Georgieva said.<\/p>\n

One key option is for members that have strong external positions to voluntarily channel part of their SDRs to scale up lending for low-income countries through the IMF\u2019s<\/a> Poverty Reduction and Growth Trust (PRGT).<\/p>\n

Concessional support through the PRGT is currently interest free.<\/p>\n

The IMF is also exploring other options to help poorer and more vulnerable countries in their recovery efforts.<\/p>\n

A new\u00a0Resilience and Sustainability Trust\u00a0could be considered to facilitate more resilient and sustainable growth in the medium term.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Board of Governors of the International Monetary Fund (IMF) has approved a general allocation of $650 billion in special drawing rights yesterday to boost global liquidity and help countries face the coronavirus pandemic. IMF explained that the decision is considered \u201chistoric\u201d in light of the talk about the largest distribution of special drawing rights […]<\/p>\n","protected":false},"author":4,"featured_media":204707,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[207],"tags":[278],"class_list":["post-204706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-featured"],"yoast_head":"\nIMF to allocate historic $650bn to help countries confront COVID<\/title>\n<meta name=\"description\" content=\"BNReport | IMF has approved a general allocation of $650 billion in special drawing rights to boost global liquidity and help countries face the pandemic.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/imf\/\" \/>\n<meta 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