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Rich Countries Give IMF the Green Light to Boost Funding Through New Special Drawing Rights

File image of International Monetary Fund Managing Director Kristalina Georgieva. Brendan Smialowski / AFP

The IMF moved one step closer on Tuesday to providing developing countries with a badly-needed cash infusion after the fund was granted approval by wealthy G20 nations to proceed with the issuance of new so-called Special Drawing Rights (SDRs)

IMF Managing Director Kristalina Georgieva (photo) said she had received approval to begin the process for a $500 billion allocation which would divide that money according to each country’s share in the bank. Advocates of the plan have also proposed that wealthier members would then pool their allotment into a special fund that would be divided among poorer states.

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