Janet Yellen backs new allocation of IMF special drawing rights for low-income countries
Previous SDR allocation of $250bn was approved in 2009 as countries battled the global financial crisis
25 February 2021 - 21:41
Washington — US treasury secretary Janet Yellen on Thursday threw her support behind a new allocation of International Monetary Fund (IMF) Special Drawing Rights (SDR), but said broad parameters were needed to boost transparency on how the reserves are used and traded.
Reversing the opposition of the Trump administration, Yellen told G20 finance officials in a letter that a new SDR allocation could boost liquidity for low-income countries, which have been particularly hard hit by the global coronavirus pandemic...
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