IMF approves $650 billion in emergency currency to combat pandemic

Washington DC – The IMF Board of Governors convened a special virtual session for final approval of US $650 billion in emergency reserve currency or Special Drawing Rights (SDRs). Countries will receive their share of Special Drawing Rights on August 23rd.

“More than $200 billion of these new reserve funds will go to developing countries to support pandemic relief and recovery efforts,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “While these resources are needed, developing countries must receive more aid to get beyond the crisis.”

More than $400 billion of the emergency currency goes to wealthy countries. Wealthy countries can donate their SDRs to developing countries directly, or through initiatives from the IMF or development banks.

“Most wealthy countries don't need their share of Special Drawing Rights and they need to donate them quickly to developing countries struggling with the health and economic crisis,” stated LeCompte.

Read Jubilee USA's IMF COVID response letter calling for Special Drawing Rights aid with nearly 270 signatories here.