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IMF Nations Approve Record $650 Billion to Aid Virus Fight

  • Special drawing rights allocation considered since early 2020
  • Richer nations seen reallocating some reserves to poorer ones
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Member nations approved the biggest resource injection in the International Monetary Fund’s history, with $650 billion 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 -- is the first since the $250 billion 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. The SDR allocation will be effective on Aug. 23, the IMF said in a statement Monday.