IMF says board approved new trust to aid low-income, vulnerable middle-income countries
2022.04.14 00:55
FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva attends the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 3, 2021. REUTERS/Yves Herman
WASHINGTON (Reuters) – The International Monetary Fund said its executive board on Wednesday approved the creation of a new facility to help low-income and vulnerable middle-income countries deal with longer-term challenges such as climate change and pandemics.
IMF Managing Director Kristalina Georgieva announced approval of the Resilience and Sustainability Trust in a statement after the board meeting, and said it would take effect from May 1.
She said the trust would amplify the impact of last year’s $650 billion allocation of IMF Special Drawing Rights by allowing richer members to channel their emergency reserves to countries where the needs are greatest. The target was to build a trust of at least $45 billion, she said.
