The Board of Governors of the International Monetary Fund (IMF) have approved a record general allocation of $650 billion in IMF Special Drawing Rights (SDR), to help boost global liquidity. The $650 billion SDR allocation aims to support member countries, especially emerging and developing nations, battling the coronavirus pandemic and the economic downturn it has caused.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
This allocation is the largest-ever distribution in the IMF’s 77-year history, in terms of monetary reserves assets. The allocation will become effective from August 23, 2021. The newly created SDRs will be credited to member countries in proportion to their existing quotas shareholding in the Fund.
Important takeaways for all competitive exams:
The world is entering a new technological era — one where quantum computing, quantum communication…
The World Meteorological Organization (WMO) has issued its latest ENSO (El Niño–Southern Oscillation) Update, predicting…
Marking its 25th anniversary, IFFCO-TOKIO General Insurance Company (GIC) announced a new initiative aimed at…
New York-based AI company Runway has launched Gen-4.5, its most advanced text-to-video generation model to…
Following good monsoon rains, migratory birds like storks, pelicans, painted storks, and bar-headed geese have…
With rising crime complexity and new legal mandates requiring forensic evidence, India is strengthening its…