G20 agree to boost IMF war chest by $650 bn amid Covid-19 pandemic

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The world’s monetary leaders will agree on Wednesday to boost the sources of the International Monetary Fund by $650 billion so it may possibly higher assist susceptible nations take care of the results of the COVID-19 pandemic, a draft communique confirmed.

The draft, to be endorsed by monetary ministers and central financial institution governors of the world’s 20 largest economies, additionally returned to a pledge to combat protectionism in world commerce, a reference dropped since March 2016 on the insistence of the administration of former U.S. president Donald Trump.

The draft, seen by Reuters, additionally sharpens the language on tackling local weather change, one other matter watered down in G20 statements throughout the Trump presidency.

G20 monetary leaders may even agree to prolong for a remaining time a debt-servicing suspension for the world’s most susceptible nations till the tip of 2021, the draft confirmed.

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