WASHINGTON - The IMF may need to step outside its comfort zone and consider “exceptional measures” to help countries deal with the coronavirus pandemic and mitigate its economic impact, Managing Director Kristalina Georgieva said on Monday.
But more resources might be needed if market pressures continued to mount, and lending - even on easy terms - was not always the best solution, given already high debt burdens faced by many countries, she said. Georgieva also revived her call for a possible allocation of Special Drawing Rights , its currency, a step that has been opposed by the United States. An SDR allocation is akin to a central bank “printing” new money.
U.S. Treasury Secretary Steven Mnuchin last week rejected an SDR allocation, arguing that 70% of the funds created through an SDR allocation would go to G20 countries, most of whom did not need it, while only 3% would go to low-income countries.
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