IMF Board to Discuss SDR 650 Billion Increase Proposal This Week

Kristalina Georgieva, IMF Managing Director
Photo by Reuters Yonhap News

[Asia Economy Reporter Park Byung-hee] The International Monetary Fund (IMF) Board of Directors is set to discuss a $650 billion Special Drawing Rights (SDR) increase proposal on the 25th (local time), Bloomberg News reported on the 22nd (local time).

The IMF is pushing for an SDR increase to assist countries severely affected economically by COVID-19.

Bloomberg cited sources saying that there is unlikely to be significant controversy over the increase at the board meeting, as board member countries expressed broad support when the SDR increase proposal was introduced in March.

At the recent G7 summit held in Cornwall, UK, leaders also expressed their support for the SDR increase proposal.

The board is expected to approve the increase swiftly, submitting the agenda to the full assembly without any special objections or requests for additional meetings.

IMF Managing Director Kristalina Georgieva has previously stated her hope to complete all procedures by mid-August.

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