In an open letter to the International Monetary Fund and G20 finance ministers, the groups said a new allocation of SDRs would boost the reserves of all countries and avoid pushing low- and middle-income countries further into debt distress. The United States had opposed such a move under former President Donald Trump, but has not yet communicated a firm position on a new SDR allocation under President Joe Biden. In a blog ahead of Friday's meeting, Georgieva said a new SDR allocation would substantially boost countries' liquidity without increasing their debt burdens. It would also expand the capacity of donor countries to provide new resources, she said. On Tuesday, the US Conference of Catholic Bishops and Jubilee USA Network urged President Joe Biden to back a $3 trillion allocation to help poor countries bolster US trade with the developing world.

Source: Mint February 24, 2021 23:45 UTC