LONDON (Reuters) – The Group of Seven industrialised nations took a step towards boosting International Monetary Fund reserves to help provide more support for developing countries to cope with the pandemic, Britain said on Friday.
“G7 finance ministers agreed to support a new and sizeable allocation of IMF Special Drawing Rights – an asset issued by the IMF to boost members’ reserves and provide liquidity for vulnerable countries,” Britain’s finance ministry said.
The last expansion of SDRs took place in 2009 after the global financial crisis, and $293 billion of the assets have been allocated to date.
(Reporting by David Milliken, editing by Andy Bruce; Writing by William Schomberg, editing by Andy Bruce)
