The International Monetary Fund (IMF) has approved a record $650 billion in special drawing rights (SDRs) to ‘help nations dealing with mounting debt and the fallout from the Covid-19 pandemic,’ according to Bloomberg, which notes that it’s the largest resource injection in the organization’s history.
The creation of the reserve assets — known as special drawing rights — is the first since the $250 billion issued just after global financial crisis in 2009, with IMF Managing Director Kristalina Georgieva billing it as “a shot in the arm for the world” that will help boost global economic stability. –Bloomberg
“The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy,” said Georgieva, framing it as a “shot in the arm for the world” which will contribute towards global economic stability.
(excerpt) Read the full article here: https://www.activistpost.com/2021/08/imf-creates-record-650-billion-slush-fund-for-pandemic-relief.html