G7 Eyes Allocating $100 Billion From IMF To Covid-Ravaged Nations: US.

G7 Eyes Allocating $100 Billion From IMF Funds To Covid-Ravaged Nations: US

G7 leaders will discuss the issue on how to help steer the world's recovery from the pandemic.

Carbis Bay, England:

The United States and other Group of Seven nations are considering reallocating $100 billion from the International Monetary Fund's warchest to help countries struggling most to cope with the COVID-19 crisis, the White House said.

The issue will be on the table when G7 leaders discuss how to help steer the world's recovery from the coronavirus pandemic at a three-day summit in Cornwall, in southwestern England, which begins on Friday.

"The United States and our G7 partners are actively considering a global effort to multiply the impact of the proposed Special Drawing Rights (SDR) allocation to the countries most in need," the US president's office said.

"At potentially up to $100 billion in size, the proposed effort would further support health needs - including vaccinations - and help enable greener, more robust economic recoveries in vulnerable countries, and promote a more balanced, sustained, and inclusive global recovery."

French President Emmanuel Macron on Thursday called on the other G7 nations to find an agreement on reallocating $100 billion in SDRs to African states.

World finance chiefs agreed in April to boost SDRs by $650 billion and extend a debt-servicing freeze to help developing countries deal with the pandemic, although only $34 billion was to be allocated to Africa.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

NDTV News

NDTV.com provides latest news from India and the world. Get today’s news headlines from Business, Technology, Bollywood, Cricket, videos, photos, live news coverage and exclusive breaking news from India.

https://www.ndtv.com/

Related news
Brazilians in Sao Paulo protest against Bolsonaro’s handling of Covid pandemic.

Brazilians in Sao Paulo protest against Bolsonaro’s handling of Covid pandemic.

Country’s death toll nears 500,000 as opposition to the president grows and vaccination rates remain low From Brexit breaking news to HD movie trailers, The Sun newspaper brings you the latest news videos and explainers from the UK and around the ...

Iran elects new president Ebrahim ‘The Butcher’ Raisi.

Iran elects new president Ebrahim ‘The Butcher’ Raisi.

IRANIAN hardline cleric Ebrahim Raisi has won a landslide victory to be declared the country's next president - but he has a bloody history steeped in murder and executions, activists claim. Raisi - known by some as The Butcher - seemingly stormed...

Severe droughts in Western U.S. force farmers to forgo or swap crops

Severe droughts in Western U.S. force farmers to forgo or swap crops

The historic drought across the Western U.S. is forcing farmers and ranchers to downsize. Growers are being asked not to water their crops, or to plant crops that use less water. Meanwhile, ranchers are selling off herds because they can't afford ...

1.2T bipartisan infrastructure plan is ‘troublesome’: Rep. Miller-Meeks

1.2T bipartisan infrastructure plan is ‘troublesome’: Rep. Miller-Meeks

Rep. Mariannette Miller-Meeks, R-Iowa, joins ‘Fox News Live’ to provide insight into the bipartisan infrastructure plan. #FoxNews Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC) is a 24-hour al...

1

Mozart's music could treat epilepsy seizures

Mozart's music could treat epilepsy seizures

Scientists have discovered listening to Mozart's music could aid in the treatment of epileptic seizures. Research shows listening to a piece of music by Mozart leads to the electrical brainwaves that could lead to seizures being reduced by a third...

Britney Spears set to testify against her father’s conservatorship.

Britney Spears set to testify against her father’s conservatorship.

Northwestern adjunct law professor Andrew Stoltmann discusses what to expect when Britney Spears testifies in court against her father's conservatorship. #FoxNews Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX N...