IMF approves $650 billion expansion to fight pandemic

The executive board of the International Monetary Fund approved a $650 billion expansion in resources to support economically vulnerable nations as they battle the coronavirus pandemic

WASHINGTON -- The executive board of the International Monetary Fund approved a $650 billion expansion in resources to support economically vulnerable nations as they battle the coronavirus pandemic. IMF Managing Director Kristalina Georgieva said Friday that the new support, the largest such expansion in the history of the 190-nation lending institution, would be a “shot in the arm for the world.” To put the size of the funding expansion in context, the IMF approved a $250 billion boost in SDR reserves following the 2008 financial crisis. It is a reversal of the stance taken by the Trump administration and it began in February when the Biden administration got behind the effort.