IMF allocates $650 billion to boost the global economy

 INA-sources

 
The International Monetary Fund said, in a statement, that it had agreed to allocate $650 billion to revive the global economy, after the emerging epidemic of Corona virus.
 
The statement, which was published on the IMF website, added that the process of distributing these funds will become effective on August 23, 2021, and special drawing rights will be available to all members of the fund in proportion to their existing quotas in the Fund.
IMF’s statement also noted that $275 billion has been allocated to emerging markets and developing countries, including low-income countries.
 
This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis. The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy. It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis,” IMF Managing Director Kristalina Georgieva said.