IMF says board approved new trust to aid low-income, vulnerable middle-income countries

WASHINGTON (Reuters) – The Worldwide Financial Fund stated its government board on Wednesday permitted the creation of a brand new facility to assist low-income and weak middle-income international locations take care of longer-term challenges akin to local weather change and pandemics.
IMF Managing Director Kristalina Georgieva introduced approval of the Resilience and Sustainability Belief in an announcement after the board assembly, and stated it will take impact from Might 1.
She stated the belief would amplify the affect of final yr’s $650 billion allocation of IMF Particular Drawing Rights by permitting richer members to channel their emergency reserves to international locations the place the wants are best. The goal was to construct a belief of no less than $45 billion, she stated.
(Reporting by Andrea Shalal and David Lawder; Modifying by Leslie Adler)