G-20 nears consensus on boosting IMF reserve amid Covid-19 pandemic

Talks focused on a proposal for a $500-bn allocation of the IMF's special drawing rights

The Group of 20 nations on Friday moved closer to an agreement on boosting International Monetary Fund reserves to help poor nations devastated by the global pandemic, according to officials familiar with the discussions.

Talks focused on a proposal for a $500 billion allocation of the IMF’s special drawing rights, but the final decision likely will come closer to the lender’s spring meetings in April, the officials said, asking not to be identified before a public statement.

Friday’s virtual meeting of finance ministers and central bank governors was hosted by Italy.

The breakthrough came after US Treasury Secretary Janet Yellen leaned toward supporting