The International Monetary Fund provides 650 billion dollars to support countries in the face of Corona

Tuesday 03, August 2021 09:05
 
Baghdad / NINA / - The Board of Governors of the International Monetary Fund has agreed to provide the largest support in its history, worth $650 billion, to help countries deal with the increasing repercussions resulting from the Corona pandemic.

A statement by the Fund stated that: The Board approved a general distribution of the equivalent of 650 billion dollars in special drawing rights units (456 billion units) to support global liquidity.

For her part, Managing Director of the Fund Kristalina Georgieva said, "It is a historic decision. This is the largest allocation of SDR allocations in the history of the Fund, and it is a vaccine injection into the arm of the global economy during an unprecedented crisis."

She added, "The distribution of these allocations will include all member countries, address the long-term global need for reserves, build confidence, and enhance the resilience and stability of the global economy."

"This distribution will, in particular, help the most vulnerable countries that are struggling to overcome the impact of the Covid-19 crisis."

This general distribution of SDR allocations will become effective on August 23, 2021.

Member countries will receive the newly issued units of SDR In proportion to their existing shares in the fund,

about $275 billion (about SDR 193 billion) of the new issuance will be distributed to emerging markets and developing countries, including low-income countries./End 3


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