LOC21:37
18:37 GMT
WASHINGTON, Aug 13 (KUNA) -- The International Monetary Fund (IMF) Board
of Governors formally approved a general allocation of Special Drawing Rights
(SDR) equivalent to USD 250 billion to provide liquidity to the global
economic system by supplementing the Fund's member countries' foreign exchange
reserves, the Fund announced here Thursday.
The IMF said in a statement about USD 100 billion of the general allocation
will go to emerging markets and developing countries, of which low-income
countries will receive over USD 18 billion.
It added that the general SDR allocation will be made on August 28 to IMF
members that are participants in the SDR Department, which is currently all
186 members, "in proportion to their existing quotas in the Fund, which are
based broadly on their relative size in the global economy."
The IMF Executive Board backed the general allocation on July 17 following
the commitment made by G20 leaders at their April summit to boost global
liquidity and welcomed by the International Monetary and Financial Committee
(IMFC).
According to the statement, the general SDR allocation "is a key example of
a cooperative multilateral response to the global crisis, offering significant
support to the Fund's members in this challenging period." (end)
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