IMF earmarks 650 billion dollars to mitigate COVID-19 shocks worldwide.

By Cyprian Ntiamba Obi Ntui in Yaounde

The International Monetary Fund, IMF has earmarked the sum of 650 billion United States dollars in Special Drawing Rights, SDR to help countries across the globe mitigate COVID-19 shocks.
According to the Managing Director of the IMF, Kristalina Georgieva, she and other Executive Directors met in Washington, DC on March 23, to discuss a new SDR of US$650 billion to boost reserves and help global recovery from COVID-19.

In the statement the Managing Director issued after their discussions, she said she is very encouraged by initial discussions on a possible SDR allocation of US$650 billion. By addressing the long-term global need for reserve assets, she added, a new SDR allocation would benefit all IMF member countries and support the global recovery from the COVID-19 crisis. It would also be a powerful signal of the IMF membership