November 17, 2021
Economy

Rich countries need to share the IMF’s $650bn gift

International Monetary Fund updates

The writer, a Labour MP, is a former chief secretary to HM Treasury and chairs the global parliamentary network on the World Bank and IMF

When the IMF decided to mint $650bn of special drawing rights (SDRs), effectively creating money to be distributed to its 190 national members, it made a powerful weapon in the war on want. But this will only work if the IMF’s shareholders now agree three big steps to move the money out of the vaults and into the assault on poverty.

The huge issue of SDRs, made possible by the change of administration in Washington, could not come soon enough. The Covid-19 shock has led to the first global rise in poverty this century. The world’s poorest may spend a combined total of 120m additional years destitute….

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