G20 agree to boost IMF war chest by $650 billion amid pandemic: draft

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© Reuters. FILE PHOTO: International Monetary Fund logo is seen inside the headquarters at the end of the / annual meetings

BRUSSELS (Reuters) – The world’s financial leaders will agree on Wednesday to boost the of the International Monetary Fund by $650 billion so it can better help vulnerable countries deal with the effects of the COVIOD-19 pandemic, a draft communique showed.

The draft, to be endorsed by financial ministers and governors of the world’s 20 biggest economies, also returned to a pledge to fight protectionism in world , a reference dropped since March 2016 on the insistence of the administration of former .

The draft, seen by Reuters, also sharpens the language on tackling climate change, another topic watered down in G20 statements during the Trump presidency.

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G20 financial leaders will also agree to extend for a final time a debt-servicing suspension for the world’s most vulnerable countries until the end of 2021, the draft showed.

Source: Investing.com

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