G7 agrees to boost IMF reserves by $650 billion to fund pandemic relief: Kyodo

TOKYO (Mar 17) - G7 advanced economies have agreed to boost International Monetary Fund reserves by around $650 billion through a new allocation of the fund’s special drawing rights, Japan’s Kyodo news agency reported on Wednesday.

The increased reserves will be used to fund a package of relief measures for emerging economies hit by the COVID-19 pandemic, Kyodo said.

Finance leaders of the Group of Seven economies will sign off on the deal at an online meeting to be held on Friday, Kyodo said without citing sources.

Reuters