IMF board backs $650 bn reserves distribution, targets end-Aug completion

G20 members to back carbon pricing role for the first time in the climate fight

The International Monetary Fund said on Friday its executive board has backed a $650 billion allocation of IMF Special Drawing Rights, advancing the distribution of currency reserves to the IMF’s 190 member countries towards a targeted completion by the end of August. This, even as G20 finance ministers are set to urge the IMF to quickly come up with ways for countries to steer its resources.

IMF Managing Director Kristalina Georgieva said she will now present the SDR allocation proposal, the largest in the Fund’s 77-year history, to its Board of Governors, with representatives from every IMF country.

“This is a shot