2023-06-22 18:50:42
PARIS (Reuters) – The International Monetary Fund has reached its target of making $100 billion in Special Drawing Rights (SDRs, the IMF’s own currency) available to vulnerable countries, Managing Director Kristalina Georgieva said in a summit held in Paris this Thursday.
Rich countries have agreed, in 2021, to redistribute some of their unused special drawing rights from the IMF, an international reserve currency, to poor countries.
The plan was to make $100 billion available by lending the SDRS back to the IMF so that the IMF could in turn lend the funds at below-market rates to low-income countries.
“We reached 100 billion dollars in loans from special drawing rights. That was our target for 2021, we reached it and 60 billion of them are already in the Fund working for countries,” Georgieva told a panel.
Reaching the target was one of the key announcements at the Paris summit, which focused on how to help low-income countries cope with their debt burden while making more climate finance available.
(Reporting by Leigh Thomas)
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