G7 agrees to boost IMF reserves by $650 billion to fund pandemic relief: Kyodo
The increased reserves will be used to fund a package of relief measures for emerging economies hit by the Covid-19 pandemic, Kyodo said
The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, US, April 8, 2019/ Reuters
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.
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