The amount of extra money to be distributed by advanced countries to developing nations struggling under the financial impact of the coronavirus pandemic has fallen short of expectations, after the G20 group of large economies reported combined pledges of $60bn.
The amount, to be dispersed through the voluntary channelling of special drawing rights, does not match the $100bn set as a “global ambition” by the G20 last year. And it is less than a quarter of the $290bn given to members of the G7 group of advanced economies last August in the IMF’s $650bn allocation of its SDRs.
The pledges were revealed after a meeting of G20 finance ministers and central bank governors in Jakarta that ended last week.
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