IMF approves $650 billion for poor countries to tackle Covid

Member nations of the International Monetary Fund have approved the injection of $650 billion to help countries in dealing with mounting debt and economic fallout because of Covid-19 pandemic.

These reserve assets, called as special drawing rights, have been created first time after 2009 global financial crisis when $250 billion were issued.

It will help in boosting global economic stability. SDR allocation will come into effect on August 23, 2021. SDR allocation will benefit all members, address the global need for reserves, build confidence, and foster resilience & stability of global economy.

Published date : 03 Aug 2021 05:15PM