IMF approves new SDR allocation to boost global liquidity amid pandemic

2021-08-03 08:19:09Xinhua Editor : Li Yan ECNS App Download

The board of governors of the International Monetary Fund (IMF) has approved a new general allocation of Special Drawing Rights (SDR) equivalent to 650 billion U.S. dollars, the largest allocation in the IMF's history, in an effort to boost global liquidity amid the COVID-19 pandemic, according to an IMF statement released Monday.

"This is a historic decision - 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," IMF Managing Director Kristalina Georgieva said.

Noting that the SDR allocation will benefit all IMF members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy, Georgieva said it will particularly help the most vulnerable countries struggling to cope with the impact of the COVID-19 crisis.

The general allocation of SDRs will become effective on Aug. 23, according to the statement. 

Related news


Most popular in 24h

MoreTop news


Back to top About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2021 All rights reserved.
Reproduction in whole or in part without permission is prohibited.