International Monetary Fund Approves Historic $650 Billion Allocation
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The International Monetary Fund approves the allocation of $650 billion to revive the global economy, including $275 billion for developing markets and low-income countries.
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International Monetary Fund allocated $650 to revive the global economy
The International Monetary Fund stated today, Tuesday, that it has agreed to allocate $650 billion to revive the global economy after the Coronavirus pandemic.
The fund website reports that the allocation will come into effect on August 23, 2021, and newly created SDRs will be credited to IMF members in accordance with their current quotas.
The International Monetary Fund indicates that $275 billion was allocated to developing markets and countries with low income.
Chief of the International Monetary Fund Kristalina Georgieva described the decision as "historic" adding its "a shot in the arm for the global economy at a time of unprecedented crisis."
In July, Georgieva urged the wealthiest countries to help the poorest nations withstand the "devastating double-blow" of the coronavirus pandemic and the economic damage afterward.
Georgieva warned of the "deepening divergence" between the rich and the poor, urging the G20 countries to "prevent developing nations from falling further behind with regards to Corona vaccines and rebuilding their economies."
