IMF says board discussed US$650bil expansion of reserves

Following Friday's board discussion, IMF Managing Director Kristalina Georgieva (pic) will now prepare a report on the reserve expansion for the IMF's board of governors, which is expected to be considered by the executive board around mid-July.

WASHINGTON: The International Monetary Fund's executive board on Friday discussed a proposed $650 billion expansion of its emergency reserves, marking the next step in a process expected to be completed in August, the IMF said in a statement.

The new allocation of the IMF's reserve currency, or Special Drawing Rights, would be the largest in its history, IMF spokesman Gerry Rice said in a statement. It is aimed at helping the most vulnerable members of the global lender weather the COVID-19 pandemic and its economic fallout.