IMF expected to complete new SDR allocation by Aug end

Washington: The International Monetary Fund (IMF) is expected to complete the process of a new allocation of Special Drawing Rights (SDR) by the end of August, spokesman Gerry Rice said.

The IMF executive board on Friday discussed a proposal for a new SDR allocation of $650 billion, “the largest issuance in the IMF’s history” aimed at helping its membership, especially the most vulnerable, overcome the Covid-19 crisis, Rice said in a statement at the end of the meeting.

“The Board discussion is another step in the process toward a new SDR allocation which we expect to be completed by the end of August,” Rice said.

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The SDR can be exchanged among governments for freely usable currencies in times of need.

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