IMF approves big increase in funds to alleviate pandemic impact

It is shot in the arm for the global economy at a time of unprecedented crisis, says MD

The governing body of the has approved a $650 billion expansion in the agency's resources to support battling the pandemic and the economic downturn it has caused. The 190-nation lending institution said on Monday, August 2, 2021, that its Board of Governors approved the expansion of its reserves known as Special Drawing Rights, the largest increase in the institution's history. “This is a historic decision ... and a shot in the arm for the global economy at a time of unprecedented crisis,” IMF Managing Director Kristalina Georgieva said. “It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis.”