140 organisations worldwide ask IMF to issue $650 bn to help poor nations

About 140 organizations worldwide asked the International Monetary Fund to issue at least $650 billion more in reserves to help its member nations grapple with “multiple historic, overlapping, and generally worsening crises.”

Allocating more IMF reserve assets known as special drawing rights, or SDRs, “would immediately make hundreds of billions of dollars available to nearly all low- and middle-income IMF member countries without debt or conditions and only requires political will on the part of the fund’s board” the organizations said in a letter to the IMF’s board of governors and its executive board Thursday.

Pressure is mounting on the IMF