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. 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. Republican members of Congress have objected to the funding, saying that the expanded IMF resources would benefit U.S. adversaries such as China, Russia and Iran. However, COVID-19 has illuminated global inequities as deaths worldwide climbed to 4 million, a milestone recorded Wednesday by Johns Hopkins University. To fund the spending, the IMF will expand its Special Drawing Rights, a currency reserve that can be tapped by IMF member countries.

Source: Mint July 09, 2021 14:26 UTC