IMF Mulls Creating $650 Billion in Reserves After Yellen Nod
- Informal discussion lays groundwork for formal plan by June
- Fund working on proposal after U.S. reversed Trump stance
Photographer: Andrew Harrer/Bloomberg
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The International Monetary Fund’s board conveyed broad support for drafting a proposal to create $650 billion in additional reserve assets to help developing economies cope with the pandemic, with an eye on considering a formal plan by June.
The institution’s executive board discussed the case for the reserves informally on Tuesday, IMF Managing Director Kristalina Georgieva said in a statement after the conclusion of the meeting.