IMF says board discussed $650 bln expansion of reserves

The International Monetary Fund’s executive board on Friday discussed a proposed $650 billion expansion of its emergency reserves, marking the next step in a process expected to be completed in August, the IMF said in a statement.

IMF spokesman Gerry Rice said the allocation of the IMF’s reserve currency, or Special Drawing Rights, would be the largest in its history. It is aimed at helping the most vulnerable members of the global lender weather the COVID-19 pandemic and its economic fallout.