Civil society groups urge new $2.5 trillion allocation of IMF monetary reserves
At least 99 low- and middle-income countries had used $104 billion of their emergency reserves since August, but $400 billion of the total went to advanced economies that did not need them, given the current IMF quota system, the groups said. To address continuing fiscal needs, the groups urged issuance of another $2.5 trillion in SDRs, as well as steps to decouple the allocation from existing quotas and ensure that developing countries received a bigger share of the reserves. Sixteen civil society groups on Tuesday urged the International Monetary Fund to issue $2.5 trillion in additional emergency reserves to help developing countries still struggling to overcome the COVID-19 pandemic and its economic impact.
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