WASHINGTON, June 14 — The International Monetary Fund is exploring creation of a new trust that could allow its members to lend their IMF reserves to more countries, including middle-income countries vulnerable to climate change, IMF chief Kristalina Georgieva said on Sunday.
“Now we have the indication that we have a green light to go ahead, and we will reach out to others,” Georgieva told Reuters in an interview after the end of the G7 leaders summit in Cornwall, England. The IMF’s Poverty Reduction and Growth Trust already allows members to share their IMF reserves, but small island states and other middle-income countries that have been hit hard by the coronavirus pandemic and significant economic downturns, are not eligible for funding through that IMF vehicle.Georgieva welcomed the G7’s commitment to donate one billion Covid-19 vaccine doses as a key step toward ending the pandemic, and said discussions would continue within the G20.
“We have seen in the past that divergence that leads to more inequality, it creates a breeding ground for more instability in the world,” she said. The IMF expects its board to formally approve the US$650 billion SDR allocation in August, paving the way for member countries to donate their unneeded reserves to others in need.
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