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US Democrats Urge New $650 Billion IMF Aid on Ukraine War Hit

  • Fresh drawing-rights allocation needed, Japayal, Warren say
  • Low- and middle-income nations suffer from Russia war fallout
Firefighters and members of a rescue team clear the scene after a building was partially destroyed following shelling, in Chasiv Yar, eastern Ukraine, on July 10. 

Firefighters and members of a rescue team clear the scene after a building was partially destroyed following shelling, in Chasiv Yar, eastern Ukraine, on July 10. 

Photographer: Miguel Medina/AFP/Getty Images

Key Democratic congressional allies are urging President Joe Biden’s administration to support a new injection of resources for countries at the International Monetary Fund to help them deal with the fallout from Russia’s invasion of Ukraine.

Issuing at least $650 billion in additional IMF reserve assets known as special drawing rights, or SDRs, after a similar move last year would help Ukraine, its neighbors and developing countries respond to the crises that they face on top of Covid-19, the lawmakers said. These include food shortages, rising energy prices and weak vaccination rates in low-income nations.