Timely aid: The IMF headquarters in Washington. It has approved a US$650bil (RM2.75 trillion) allocation to help member nations struggling with debt and the Covid-19 pandemic. —Reuters
WASHINGTON: Member nations approved the biggest resource injection in the International Monetary Fund’s (IMF) history, with US$650bil (RM2.75 trillion) meant to help countries deal with mounting debt and the fallout from the Covid-19 pandemic.
The creation of the reserve assets – known as special drawing rights (SDR) – is the first since the US$250bil (RM1.05 trillion) issued just after the global financial crisis in 2009, with managing director Kristalina Georgieva billing it as “a shot in the arm for the world” that will help boost global economic stability.
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