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UPDATE 1-IMF will explore options for re-allocating reserves to raise $100 bln for poor countries

Sun, 13th Jun 2021 16:58

(Adds quotes)

WASHINGTON, June 13 (Reuters) - The International Monetary
Fund on Sunday welcomed the Group of Seven's support for
expanding the global lender's emergency reserves by $650 billion
and said it would work with members on ways to provide $100
billion to the poorest countries.

IMF Managing Director Kristalina Georgieva, in a statement,
said the $650 billion allocation of Special Drawing Rights, the
largest ever, would help boost global reserves and allow
countries to fund needed fiscal measures to exit the pandemic.

She said she would work with IMF members in the coming
months on how they could re-allocate some of their SDRs or use
budget loans to reach the global target of raising $100 billion
to help the most vulnerable countries deal with the COVID-19
pandemic.

"This was a consequential summit. The renewed spirit of
international cooperation was palpable, with the G7 stepping up
its efforts to help the world exit this crisis. I can assure you
that the IMF is playing its part," she said.
(Reporting by Andrea Shalal; editing by Diane Craft)

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