Momentum is Building For the IMF to Issue $650 Billion in New Capital Intended to Help Developing Countries

The International Monetary Fund may issue new Special Drawing Rights (SDR) that would provide $650 billion to its members, the bulk of which is intended to go to the world’s poorest countries to help mitigate the impact of the ongoing economic downturn.

The SDRs are allocated to each country based on their share of the fund but most wealthier countries have promised to contribute their portion to a sort of mutual fund that would be used to support developing countries.

IMF Managing Director Kristalina Georgieva said on Tuesday the new SDRs may be available sometime in June. (BLOOMBERG)

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The post Momentum is Building For the IMF to Issue $650 Billion in New Capital Intended to Help Developing Countries appeared first on The China Africa Project.



source https://chinaafricaproject.com/2021/03/24/momentum-is-building-for-the-imf-to-issue-650-billion-in-new-capital-intended-to-help-developing-countries/

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