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RIYADH: Saudi Arabia supports the International Monetary Fund (IMF) proposal to allocate new special drawing rights worth $650 billion to increase reserves, said Finance Minister Mohammed Al-Jadaan, during his participation in The Spring Meetings 2021, Al Arabiya reported. This would support efforts for economic recovery by providing additional liquidity to the global economic system, he said. Special drawing rights were set up by the IMF in 1969 and are intended to supplement the money reserves of member countries. The IMF this week raised its forecast for economic growth in the Kingdom to 2.9 percent from 2.6 percent. The Kingdom will do what it takes to accelerate the recovery and will commit to economic and structural reforms guided by Vision 2030 to achieve sustainable growth, he added.

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