business

August 24, 2021

IMF approves record $650bln to aid virus fight

WASHINGTON: The International Monetary Fund’s largest-ever distribution of monetary reserves will provide additional liquidity for the global economy, supplementing member countries’ foreign exchange reserves and reducing their reliance on more expensive domestic or external debt, IMF Managing Director Kristalina Georgieva said in a statement.“The allocation is a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis,”...