G20 Nations Agree to Boost IMF War Chest by $650 Billion Amid Covid-19 Pandemic

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The world's financial leaders will agree on Wednesday to boost the resources of the International Monetary Fund by $650 billion so it can better help vulnerable countries deal with the effects of the Covid-19 pandemic, a draft communique stated.

The draft, to be endorsed by financial ministers and central bank governors of the world’s 20 biggest economies, also returned to a pledge to fight protectionism in world trade, a reference dropped since March 2016 on the insistence of the administration of former US president Donald Trump.

The draft also sharpens the language on tackling climate change, another topic watered down in G20 statements during the Trump presidency.

G20 financial leaders will also agree to extend for a final time a debt-servicing suspension for the world’s most vulnerable countries until the end of 2021, the draft showed.

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