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IMF chief backs US$650 bil for global recovery

Funds will give substantial liquidity boost to member states without adding to debt burdens, says managing director

Updated 5 years ago · Published on 24 Mar 2021 3:30PM

IMF chief backs US$650 bil for global recovery — The US$650 billion allocation could also be used to support vaccination programmes, says IMF managing director Kristalina Georgieva. – AFP pic, March 24, 2021

WASHINGTON – 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 US$650 billion (RM2.6 trillion) to support the global recovery from the novel coronavirus pandemic, reported Sputnik.

“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 yesterday.

Georgieva said the US$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 programmes, 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 yesterday. – Bernama, March 24, 2021