G-20 to boost IMF war chest by US$650b amid pandemic: draft

Published Wed, Apr 7, 2021 · 06:12 PM

[BRUSSELS] The world's financial leaders will agree on Wednesday to boost the resources of the International Monetary Fund by US$650 billion so it can better help vulnerable countries deal with the effects of the Covid-19 pandemic, a draft communique showed.

The draft, to be endorsed by financial ministers and central bank governors of the world's 20 biggest economies, also returned to a pledge to fight protectionism in world trade, a reference dropped since March 2016 on the insistence of the administration of former US president Donald Trump.

The draft, seen by Reuters, also sharpens the language on tackling climate change, another topic watered down in G-20 statements during the Trump presidency.

G-20 financial leaders will also agree to extend for a final time a debt-servicing suspension for the world's most vulnerable countries until the end of 2021, the draft showed.

REUTERS

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