Yellen defends IMF reserve increase aimed at poor nations

Washington (AFP) – US Treasury Secretary Janet Yellen on Wednesday defended the IMF’s move to boost its reserve offerings, calling the increased aid a “joint effort” to help the poorest nations hit by Covid-19. IMF Managing Director Kristalina Georgieva on Tuesday said the fund wants to increase its allocation of special drawings rights (SDR) by $650 billion with the aim of safeguarding the financial health of impoverished countries. Yellen defended the raise in response to questions from lawmakers on the Senate Banking Committee who were concerned the money would aid rich countries that don’t…

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