(MENAFN) The International Monetary Fund (IMF) has accepted its main-ever sharing of monetary reserves hitting USD650 billion to aid the international economy rebound from the coronavirus pandemic and facilitate the rising debt of member nations.
IMF Managing Director Kristalina Georgieva revealed in a report made public on Monday, August 3, “The Board of Governors of the IMF… approved a general allocation of Special Drawing Rights (SDRs) equivalent to USD650 billion on August 2, 2021, to boost global liquidity”.
Georgieva described the decision “historic” and “a shot in the arm for the global economy at a time of unprecedented crisis.” It will become into effect on August 23.
Though, the IMF’s decision was contested with vigorous effort, with the arrangement postponed for over a year. Some nations have denounced the arrangement, describing it a “giveaway to wealthy countries and rogue regimes.”
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