Wealthy countries are under mounting pressure to hand over their share of a historic IMF support package to the world’s poorest economies, which are struggling with the impact of the coronavirus pandemic.
On Monday the fund distributed $650bn of special drawing rights (SDRs) — a form of reserve asset that in effect constitutes newly minted money — to its member nations to help shore up their finances.
SDRs supplement countries’ other reserve assets such as bonds, foreign exchange and gold. They were last handed out in 2009 after the financial crisis created an urgent need for liquidity.
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