U.N. chief urges increase in funding for IMF to help pandemic-hit countries

FILE PHOTO: United Nations Secretary-General Antonio Guterres speaks during an interview with Reuters at U.N. headquarters in New York City, New York, U.S., September 14, 2020. REUTERS/Mike Segar

WASHINGTON (Reuters) – United Nations Secretary-General Antonio Guterres on Tuesday called for an increase in funding for the International Monetary Fund to enable it to address the needs of countries hit hard by the coronavirus pandemic.

Guterres told a high-level online event that IMF members should agree to a new allocation of IMF Special Drawing Rights – IMF’s currency – as well as the voluntary reallocation of existing SDRs.

The U.N. chief said a Group of 20 debt moratorium on official debt payments by the poorest countries should be extended beyond year-end, and expanded to include all developing countries and emerging markets in need.

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