G7 split on reallocating $100 billion IMF funds to COVID-hit nations By Reuters – Investing.com
- Date: 13-Jun-2021
- Source: Investing.com
- Sector:Financial Markets
- Country:Middle East
G7 split on reallocating $100 billion IMF funds to COVID-hit nations By Reuters – Investing.com
CARBIS BAY, England (Reuters) - Group of Seven leaders were trying to resolve differences over a proposal to reallocate $100 billion from the International Monetary Fund's warchest to help countries struggling to cope with the COVID-19 crisis.
An almost final version of the G7 communique seen by Reuters showed Germany and Italy had yet to back the inclusion of the $100 billion figure in the final statement by leaders.
The IMF's members agreed in April to a $650 billion increase in IMF's Special Drawing Rights and the G7 countries are considering whether to reallocate $100 billion of their rights to help poor countries fight the COVID pandemic.
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