Big news on our global coronavirus response efforts.
Treasury notified Congress of its support for $650 billion in IMF global reserves, also known as Special Drawing Rights (SDRs), to assist developing countries struggling with the coronavirus crisis.
Treasury notified Congress of its support for $650 billion in IMF global reserves, also known as Special Drawing Rights (SDRs), to assist developing countries struggling with the coronavirus crisis.
US law requires a ninety-day advance alert to Congress before the US votes for SDRs with the IMF board.
The notification paves the way for the US to vote in favor of these funds that developing countries need.
The notification paves the way for the US to vote in favor of these funds that developing countries need.
As early as summer, hundreds of billions of these emergency reserve funds can now be authorized for countries struggling with the pandemic.
In February, @JubileeUSA and the US Catholic Bishops sent a letter to Secretary Yellen and President Biden expressing support for a new SDRs allocation. Jubilee USA Network also coordinated a letter to the G20 signed by more than 215 organizations worldwide in support of SDRs.
The G20 and IMF announced support for the $650 billion SDRs allocation.
Treasury says low-income countries will see $21 billion from a new allocation and other developing countries receive $221 billion.
Treasury says low-income countries will see $21 billion from a new allocation and other developing countries receive $221 billion.
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