IMF will explore options for re-allocating reserves to raise $100 billion for poor countries



© Reuters. FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a joint news conference at the end of the Summit on the Financing of African Economies in Paris, France May 18, 2021. Ludovic Marin/Pool via REUTERS

WASHINGTON (Reuters) – The International Monetary Fund on Sunday welcomed the Group of Seven’s support for expanding the global lender’s emergency reserves by $650 billion and said it would work with members on ways to provide $100 billion to the poorest countries.

IMF Managing Director Kristalina Georgieva, in a statement, said the $650 billion allocation of Special Drawing Rights, the largest ever, would help boost global reserves and allow countries to fund needed fiscal measures to exit the pandemic.

She said she would work with IMF members in the coming months on how they could re-allocate some of their SDRs or use budget loans to reach the global target of raising $100 billion to help the most vulnerable countries deal with the COVID-19 pandemic.

“This was a consequential summit. The renewed spirit of international cooperation was palpable, with the G7 stepping up its efforts to help the world exit this crisis. I can assure you that the IMF is playing its part,” she said.

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