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IMF allocates $ 650 billion in aid to fight post-coronavirus crisis

Distribution of a historic $ 650 billion of Special Drawing Rights (SDRs) funds will begin among the most vulnerable countries today. The decision was made by the International Monetary Fund (IMF).

According to the IMF, the created SDRs will be credited to IMF member countries in proportion to their existing quotas in the Fund.

The Board of Governors of the IMF has approved a general allocation of SDRs equivalent to $650 billion on August 2, 2021, to boost global liquidity.

Kyrgyzstan will also receive funds, but their amount is still unknown.

«This is a historic decision — the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis. The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy. It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis,» IMF Managing Director Kristalina Georgieva said.

About $ 275 billion of the funds will be transferred to emerging and developing countries, including low-income ones.

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