{"id":110036,"date":"2021-03-19T15:57:54","date_gmt":"2021-03-19T15:57:54","guid":{"rendered":"https:\/\/fin2me.com\/?p=110036"},"modified":"2021-03-19T15:57:54","modified_gmt":"2021-03-19T15:57:54","slug":"g7-makes-progress-on-pandemic-relief-for-poorer-nations-uk","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/g7-makes-progress-on-pandemic-relief-for-poorer-nations-uk\/","title":{"rendered":"G7 makes progress on pandemic relief for poorer nations: UK"},"content":{"rendered":"<figcaption>FILE PHOTO: A boy walks in front of a graffiti promoting the fight against the coronavirus disease (COVID-19) in the Mathare slums of Nairobi, Kenya, May 22, 2020.   REUTERS\/Baz Ratner<\/figcaption><p>LONDON (Reuters) &#8211; The world\u2019s seven largest advanced economies moved on Friday to boost the International Monetary Fund reserves for the first time since 2009, a step aimed at helping developing countries cope with the coronavirus pandemic, Britain said on Friday.<\/p>\n<p>Britain &#8211; which is chairing the Group of Seven (G7) this year &#8211; said G7 finance ministers had agreed to support a \u201cnew and sizeable\u201d increase in the volume of Special Drawing Rights (SDRs), an internal currency used by the IMF.<\/p>\n<p>\u201cToday\u2019s milestone agreement among the G7 paves the way for crucial and concerted action to support the world\u2019s low-income countries, ensuring that no country is left behind in the global economic recovery from coronavirus,\u201d British finance minister Rishi Sunak said.<\/p>\n<p>Any expansion of SDRs will need to be agreed with other countries ahead of the IMF\u2019s spring meeting that takes place in April.<\/p>\n<p>There are currently $293 billion of SDRs in circulation, and the last big expansion took place during the 2009 global financial crisis.<\/p>\n<p>Britain\u2019s finance ministry said extra SDRs would help poorer countries \u201cpay for crucial needs such as vaccines and food imports, and improve the buffers of emerging markets and low-income countries\u201d.<\/p>\n<p>G7 finance ministers also agreed to work with the IMF to improve the transparency of how SDRs are allocated and used, as well as look at how richer nations could share SDRs with poorer ones.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/g7-economy\/update-2-g7-makes-progress-on-pandemic-relief-for-poorer-nations-uk-idUSL8N2LH4FF\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FILE PHOTO: A boy walks in front of a graffiti promoting the fight against the coronavirus disease (COVID-19) in the Mathare slums of Nairobi, Kenya, [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":110035,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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