IMF executive board approves allocation of SDR 650 billion

The Board of Directors of the International Monetary Fund (IMF) on Friday approved an increase in Special Drawing Rights (SDR) to $650 billion. The Governing Council has not yet accepted the increase, which should take place at the end of August, according to Friday’s statement from IMF President Kristalina Georgieva. The proposal will be sent to them at the beginning of the month and the measure will take effect “21 days” after their approval.

This largest SDR allocation in history aims to help 190 member countries cope with the consequences of the Covid-19 pandemic by increasing central bank reserves, and therefore allowing countries to access additional financing at zero interest .

With regard to Lebanon, the outgoing finance minister, Ghazi Wazzani, indicated two weeks ago that Lebanon could receive the equivalent of about “900 million dollars” in the form of SDR, which “should be transferred to the account on 23 September.” According to Speaker of Parliament Nabih Beri. However, it is not yet clear who will decide on this zero-interest financing, the BDL or the allocation of the government, as the central bank’s foreign exchange reserves that finance the subsidies, more and more reserves. Approaching requirements.

The Board of Directors of the International Monetary Fund (IMF) on Friday approved an increase in Special Drawing Rights (SDR) to $650 billion. The Governing Council has not yet accepted the increase, which should take place at the end of August, according to Friday’s statement from IMF President Kristalina Georgieva. The offer will…

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