U.S. resistance will speed IMF innovation swahapattanaik
U.S. opposition is expected to prevent the International Monetary Fund this week from creating a new allocation of Special Drawing Rights to help countries fight the coronavirus, Reuters reported, citing multiple sources.
The move, akin to a central bank “printing” new money, has been advocated by economists, finance ministers and non-profit groups to provide as much as $500 billion in urgently needed liquidity for the IMF’s 189 member countries. But U.S. President Donald Trump’s administration opposes providing countries such as Iran and China with billions of dollars in new resources with no conditions, two of the sources told Reuters.
“There hasn't been interest in pursuing SDRs from the U.S. side, in fact they went that far to say that they are not favouring SDRs,” IMF Managing Director Kristalina Georgieva said on April 10 in a podcast produced by the Economist magazine.
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