IMF IMF chief backs $650Bln allocation for global recovery: Statement
Washington/Sputnik: International Monetary Fund (IMF) Managing Director Kristalina Georgieva said in a statement that she supports discussions about a possible new Special Drawing Rights allocation of $650 billion to support the global recovery from the novel coronavirus pandemic.
"I intend to present by June a formal proposal to the Executive Board to consider a new allocation of US$650 billion, based on an assessment of IMF member countries’ long-term global reserve needs, and consistent with the Articles of Agreement and the IMF’s mandate," Georgieva said on Tuesday.
Georgieva said the $650 billion allocation, if approved, would provide substantial liquidity boost to member countries without adding to debt burdens. The funding could also be used to support vaccination programs, Georgieva said.
The pandemic has now seen more than 124 million confirmed cases of COVID-19 worldwide, along with over 2.7 million related deaths, according to Johns Hopkins University data as of Tuesday evening.
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