VENICE, Italy — The International Monetary Fund said on Friday that its executive board approved a plan to issue $650 billion worth of reserve funds, essentially creating money that troubled countries can use to purchase vaccines, finance health care and pay down debt. The new allocation of so-called Special Drawing Rights would be the largest such expansion of currency reserves in the I.M.F.’s history. If given final approval by the I.M.F.’s board of governors, as is expected, the reserves could become available by the end of next month. “This is a shot in the arm for the world,” Kristalina Georgieva, managing director of the I.M.F., said in a statement. The I.M.F., established in 1944 to try to broker economic cooperation, has warned of a two-track economic recovery, with poor countries being left behind while advanced economies experience rapid expansions.

Source: International New York Times July 09, 2021 10:47 UTC