G7 agrees to back IMF reserve boost to help poorer nations

The United Kingdom said the G7 agreed to support a ‘sizable’ increase to Special Drawing Rights, an internal currency used by the International Monetary Fund.

The world’s seven largest advanced economies have agreed to support the first expansion of the International Monetary Fund’s (IMF) reserves since 2009, a step meant to help developing countries cope with the coronavirus pandemic, the United Kingdom said on Friday. The UK – which is chairing the Group of Seven (G7) this year – said G7 finance ministers had agreed to support a “new and sizeable” increase in the volume of Special Drawing Rights (SDRs), an internal currency used by the IMF. “Today’s milestone agreement among the G7 paves the way for crucial and concerted action to support the world’s low-income countries, ensuring that no country is left behind in the global economic recovery from coronavirus,” UK Finance Minister Rishi Sunak said.