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IMF Board to Discuss $650 Billion Reserves-Creation Plan Friday

  • Executive board meeting brings plan a step closer to approval
  • Governors’ board would still need to sign off in coming weeks
Kristalina Georgieva
Kristalina GeorgievaPhotographer: Andrew Harrer/Bloomberg

The International Monetary Fund is set to discuss a proposal to create a record $650 billion of new reserves for its members on Friday, bringing the plan to increase resources for nations struggling with the pandemic’s economic and health costs one step closer to approval.

The executive board -- composed of 24 individuals from IMF member countries and Managing Director Kristalina Georgieva -- typically meets several times a week and will vet the specific details of the proposal. The idea isn’t expected to prove controversial within the board, which in March gave broad support to draft it, according to two people familiar with its discussions, who asked not to be identified because they’re private.