IMF Approves $650 Billion in Emergency Currency to Combat Pandemic

Washington DC – The IMF Board of Governors convened a special virtual session for final approval of $650 billion in emergency reserve currency or Special Drawing Rights. Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network, releases the following statement on the IMF Board of Governors’ decision: “More than $200 billion of these new reserve funds will go to developing countries to support pandemic relief and recovery efforts. “While these resources are needed by developing countries, developing countries need more aid to get beyond the crisis. “Wealthy countries receive most of these emergency reserves and must donate them to developing countries." Read Jubilee USA's IMF COVID response letter calling for Special Drawing Rights aid with nearly 270 signatories here.