Economic news
Yellen says new IMF SDR allocation not appropriate at this time
2022.10.14 14:42
© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. REUTERS/Jonathan Ernst/File Photo
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said that she does not see another allocation of International Monetary Fund Special Drawing Rights reserves to member countries as appropriate at this time, when more existing reserves need to be channeled to poorer countries.
Yellen told a news conference that the Treasury has asked the U.S. Congress for permission to lend $21 billion in U.S. SDRs to IMF trust funds for low- and middle-income countries, and was hoping for approval.
