International Monetary Fund (IMF) Managing Director Kristalina Georgieva has submitted a proposal to the organization's Board of Governors for a final approval of the proposed increase for Special Drawing Rights (SDR) by $650 billion, the IMF said in a statement on Monday
WASHINGTON (Pakistan Point News / Sputnik - 12th July, 2021) International Monetary Fund (IMF) Managing Director Kristalina Georgieva has submitted a proposal to the organization's board of Governors for a final approval of the proposed increase for Special Drawing Rights (SDR) by $650 billion, the IMF said in a statement on Monday.
"On July 9, IMF Managing Director Kristalina Georgieva submitted her proposal for a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion to the Board of Governors for its approval. The proposal follows the Executive Board discussion of the general allocation of SDRs on June 25 and its formal support of the proposal on July 8," the statement said.
The Board of Governors is scheduled to vote on the proposal by August 2, the statement added.
The proposal has to get the support of IMF members representing an 85 percent majority of the total voting power of the SDR Department participants, which currently encompasses all members, according to the statement.
