Reuters features the open letter Jubilee and over 200 organizations sent to the IMF urging a new allocation of special drawing rights. Read an excerpt below, and click here for the full story.
More than 200 groups urge G20 to back IMF issuance to help poor countries in pandemic
By Reuters Staff
In an open letter to the International Monetary Fund and G20 finance ministers, the groups said a new allocation of SDRs would boost the reserves of all countries and avoid pushing low- and middle-income countries further into debt distress.
G20 finance ministers and central bankers will discuss a possible SDR issuance - a move akin to a central bank printing money - when they meet by video conference on Friday. Proponents note that such a move will not add cost for the IMF members.
Italy, which leads the G20 this year, is pushing for a smaller $500 billion allocation of SDRs, which can be converted to hard currency by IMF members - a move backed by France, Germany and others, but still lacking support from Washington.
Read the full article here.