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IMF chief expects members to reach $100 bln target for shifting reserves to vulnerable countries

Kitco News

WASHINGTON, Oct 13 (Reuters) - International Monetary Fund Managing Director Kristalina Georgieva on Wednesday said she expects advanced economies to reach their target of shifting $100 billion of $650 billion in newly created emergency reserves to countries in need.

Georgieva said she was encouraged by the IMF executive board’s consideration of a new Resilience and Sustainability Trust that would allow richer countries to donate or loan their share of the new Special Drawing Rights to more countries than just the low-income countries now eligible for such help.

The IMF chief said the fund was also putting in place measures to increase transparency about the use of any SDRs.

Reporting by Andrea Shalal and David Lawder

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