The Associated Press
ap photo
The logo of the International Monetary Fund is visible on their building Monday in Washington.
WASHINGTON Finance officials of the world’s major economies on Wednesday agreed on a proposal to boost the resources of the International Monetary Fund by $650 billion as a way to provide more support to vulnerable countries struggling to deal with a global pandemic.
The Group of 20 major industrial countries issued a joint statement that also announced the approval of a final six-month moratorium on debt payments by 73 of the world’s poorest countries.
The proposal to increase the IMF’s resources received a boost earlier this year when it got the backing of the Biden administration. The resources are known as IMF Special Drawing Rights and create an asset that countries can use to bolster their own reserves.
Major economies support US$650-billion boost in IMF resources
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Major economies support US$650-billion boost in IMF resources
jamaicaobserver.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jamaicaobserver.com Daily Mail and Mail on Sunday newspapers.