BRUSSELS, Feb 16 (Reuters) – European Union finance ministers on Tuesday backed the idea of boosting IMF funding and extending debt relief for the poorest countries to help the global fight against the COVID-19 crisis.
The idea of increasing the International Monetary Funds resources, called Special Drawing Rights (SDRs), so that the lender of last resort can help more low-income countries appeared last year. Officials mention amounts ranging from $500 billion to $1 trillion.
And last year the G20, the group of the worlds 20 biggest economies, approved a Debt Service Suspension Initiative, offering 73 of the poorest countries a six-month suspension of government-to-government debt payments.
The initiative has alrea…
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