IMF Supports $650 Billion Reserve Plan

IMF supports the $650 billion reserve plan. The International Monetary Fund (IMF) unanimously approved the $650 billion fund.

The International Monetary Fund (IMF) unanimously backed the proposal to create a record $650 billion in new reserves, making another move to finalize its plan to increase resources for countries battling the coronavirus outbreak. According to the news in Bloomberg with the information given by the two members who attended the aforementioned meeting and wanted to stay anonymous, all members of the board of directors, consisting of 24 representatives of IMF member countries and the Director of the International Monetary Fund Kristalina Georgieva, supported the new plan to create a record $650 billion in new reserves. This plan needs final approval by the board of directors of 190 IMF member countries, which consists of representatives who are finance ministers or central bank governors. Georgieva's report to the board will be the next step, and the plan will be submitted for approval. With this plan, the IMF is poised to provide its member countries with the largest ever resource to boost global liquidity and help developing and low-income countries tackle rising debt and the effects of the coronavirus pandemic.