March 22

Coronavirus: G7 Backs International Monetary Fund’s Aid Hike for Low-Income Nations

Finance ministers from the US, Germany, Britain, Canada, France, Italy and Japan have thrown their weight behind plans to boost aid to developing nations by hundreds of billions of dollars.

The world’s seven largest advanced economies have agreed to support fresh aid to the world’s poorest nations hit by the coronavirus pandemic, Britain said on Friday.

The plan involves the first expansion of the International Monetary Fund’s (IMF) reserves since 2009, said a statement from the UK Treasury following talks hosted by British finance minister Rishi Sunak.

“G7 finance ministers agreed to support a new and sizeable IMF special drawing rights (SDR) allocation, helping vulnerable countries get through the current crisis.” the statement added.

Photo courtesy of World Bank Photo Collection.

Source: DW News (link opens in a new window)

Coronavirus, Finance