Associated Press
A poster is displayed on the International Monetary Fund building this week in Washington, where the IMF and the World Bank held their virtual spring meetings.
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Friday, April 09, 2021 1:00 am
IMF reserves to aid vulnerable
$650 billion to help poor nations recover
MARTIN CRUTSINGER | Associated Press
WASHINGTON – The International Monetary Fund on Thursday authorized a $650 billion expansion of the 190-country lending institution's resources with the aim of providing more support for vulnerable countries as they battle the novel coronavirus pandemic.
IMF Managing Director Kristalina Georgieva said the $650 billion increase in reserves is the largest in IMF history. The move will provide badly needed reserves for poor countries struggling with deep recessions caused by the pandemic and the need to obtain and administer millions of doses of vaccines, she said.