IMF committee hails sustainable recovery efforts, eyes reserves boost

The policy-setting body of the International Monetary Fund on Thursday welcomed efforts to achieve a sustainable recovery from the coronavirus-induced downturn and urged IMF member countries to expand their foreign exchange reserves. In a communique released after its meeting, the International Monetary and Financial Committee called for a “comprehensive proposal” on the allocation of a new Special Drawing Rights, the IMF’s reserve assets, of $650 billion. The new allocation of SDRs would be the first since a $250 billion increase in such reserves was implemented in 2009 in the wake of the glo…

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