The draft, seen by Reuters, also showed finance ministers and central bank governors of the world's 20 biggest economies reviving a pledge to fight trade protectionism - a reference dropped since March 2017 at the insistence of the administration of former U.S. president Donald Trump.
"We call on the IMF to make a comprehensive proposal for a new Special Drawing Rights general allocation of USD 650 billion to meet the long-term global need to supplement reserve assets," said the draft. Extending the freeze on debt service payments by the poorest countries could provide billions of dollars for them to spend on vaccines and stimulus, World Bank head David Malpass told reporters on Monday.
"In this regard, we recognize the role of COVID-19 immunization as a global public good," the draft said. At Yellen's wish, the G20 draft removed a reference in the communique to stable exchange rates first inserted by the Trump administration, reverting to phrasing that emphasizes the importance of underlying fundamentals.
Source: News Formal (newsformal.com)