IMF Shock Statement! The date that the IMF will transfer $6.4 billion to the Center has been announced.
The proposal for the IMF to transfer a total of $650 billion in IMF money (SDR-special drawing rights) to the central banks of member countries received the final approval today. SDR of 6.4 billion dollars will be delivered to the CBRT with negative reserves on August 23.
Final approval was also given for the plan of the International Monetary Fund (IMF) to transfer a total of $650 billion in IMF money (SDR-special drawing rights) to the central banks of member countries.
In a statement made by the IMF today, it was stated that the IMF Board of Governors, consisting of finance ministers and central bank governors of member countries, approved the proposal.
'A HISTORIC DECISION'
"This is a historic decision and a medicine for the global economy at an unprecedented time of crisis," said IMF Managing Director Kristalina Georgieva.
Stating that the reserve transfer aims to meet long-term global needs, Georgieva also stated that the transfer of 650 billion dollars is the largest in the history of the IMF.
The IMF Executive Board approved the proposal on 8 July 2021.
ALSO TRANSFERRED IN 2009
The IMF Director said that the transfer would increase the liquidity and reserves of all member countries and be a medicine for the world, improve the stability and resilience of the global economy, and build confidence.
Stating that the transfer in 2009 made a significant contribution to the recovery from the global financial crisis and that he was confident that this transfer would make a similar contribution, the IMF Director stated that the transfer would strengthen the responses of IMF members, especially fragile countries, to the Covid19 crisis.
Aiming to increase global liquidity, the IMF mainly aims to help developing and low-income countries roll over their debts.
The proposal came to the fore and received support at the spring meetings of the IMF and the World Bank in early April this year. The USA, the country with the least weight in the IMF administration, also supported the proposal.