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G7 agrees to boost IMF reserves by $650b to fund pandemic relief

Reuters/Tokyo
Filed on March 17, 2021
A close up shot shows a man holding US 100-dollar bills bearing the portrait of US statesman, inventor and diplomat Benjamin Franklin. — AFP file

The increased reserves will be used to fund a package of relief measures for emerging economies hit by the Covid-19 pandemic

G7 advanced economies have agreed to boost International Monetary Fund reserves by around $650 billion through a new allocation of the fund’s special drawing rights, Japan’s Kyodo news agency reported on Wednesday.

The increased reserves will be used to fund a package of relief measures for emerging economies hit by the Covid-19 pandemic, Kyodo said.

Finance leaders of the Group of Seven economies will sign off on the deal at an online meeting to be held on Friday, Kyodo said without citing sources. — Reuters





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