WASHINGTON - The International Monetary Fund on Friday said it would propose ways to improve the transparency and accountability of how its Special Drawing Rights are used, a key U.S. demand for its support of a new issuance of the IMF’s own currency.
“The IMF will respond to the #G20’s call for a proposal on a general allocation of Special Drawing Rights ,” he said in a tweet. Italy, which heads the G20 this year, is pushing for a $500 billion issuance of SDRs, a move backed by many other G20 members as a way to provide liquidity to poor countries hit hard by the COVID-19 pandemic without increasing their debt levels.
Source: Law Daily Report (lawdailyreport.net)
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