U.S. considers reallocating $100 billion to help countries hit by COVID 19

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U.S. considers reallocating $100 billion to help countries hit by COVID 19

In-person G7 summit of global leaders due to take place in Carbis Bay, Cornwall in June.

CaRBIS BAY, England - The United States and other Group of Seven nations are considering reallocating $100 billion from the International Monetary Fund to help countries who are most struggling to cope with the COVID 19 crisis, the White House announced.

The issue will be on the table when G7 leaders discuss how to help guide the world's recovery from the coronavirus pandemic at a three-day summit in England, which begins on Friday.

The United States and our G 7 partners are actively considering a global effort to multiplie the impact of the proposed Special Drawing Rights allocation to the countries most in need, the U.S. president's office said today.

At an estimated $200 billion in size, the proposed efforts will further promote the health needs, including vaccinations, and help promote greener, more robust economic recovery in vulnerable countries, and promote a more balanced, sustained, and inclusive global recovery

On Thursday, French President Emmanuel Macron called on the other G7 nations to find an agreement on reallocating $100 billion in SDRs to African countries.

In April, World Finance Chiefs agreed to increase the SDR by $650 billion and extend a debt freeze to help development countries deal with the pandemic, although only $34 billion was going to be allocated to Africa.

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