G7 advanced economies have agreed to boost International Monetary Fund reserves by around $650 billion through a new allocation of the fund’s special drawing rights, Japan’s Kyodo news agency reported on Wednesday.
The increased reserves will be used to fund a package of relief measures for emerging economies hit by the COVID-19 pandemic, Kyodo said.
Finance leaders of the Group of Seven economies will sign off on the deal at an online meeting to be held on Friday, Kyodo said without citing sources.
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