A new allocation of up to $650 billion worth of the IMF’s reserve asset, special drawing rights, would ensure that governments have the means to combat the coronavirus pandemic and start on the path of investment-led recovery. We must seize this critical opportunity to cooperate effectively for the sake of humanity.
NEW YORK – This week’s spring meetings of the International Monetary Fund and the World Bank offer a historic chance for financial cooperation. The major economies, including the United States, the European Union, China, and other G20 countries, have already signaled their support for a new allocation of $650 billion worth of the IMF’s reserve asset, special drawing rights (SDRs), to ensure that governments in low-income and middle-income countries have the means to combat the COVID-19 pandemic and start on the path of investment-led recovery. With leadership, boldness, and creativity, this global financial cooperation can help to end the pandemic.
NEW YORK – This week’s spring meetings of the International Monetary Fund and the World Bank offer a historic chance for financial cooperation. The major economies, including the United States, the European Union, China, and other G20 countries, have already signaled their support for a new allocation of $650 billion worth of the IMF’s reserve asset, special drawing rights (SDRs), to ensure that governments in low-income and middle-income countries have the means to combat the COVID-19 pandemic and start on the path of investment-led recovery. With leadership, boldness, and creativity, this global financial cooperation can help to end the pandemic.