Friday, 29, September, 2023

The International Monetary Fund (IMF) has approved the allocation of a record US$ 650 billion to restore the world economy, Dunyo news agency reported.

“The International Monetary Fund will allocate a record SDR 456 billion from reserve assets (the IMF's unit of account, US$ 650 billion). US$ 275 billion will go to emerging market and developing countries,”- the fund said in a press release.

“This is a historic decision - the largest SDR allocation in the IMF’s history and a graft for the global economy during an unprecedented crisis. All member countries will benefit from the allocation of SDR,” said IMF Managing Director Kristalina Georgieva.

The decision on the allocation of money will take effect on 23 August. The funds will be transferred to the member countries in proportion to quotas. In accordance with the quota (0.116%), Uzbekistan may receive US$ 754 million.

“The IMF is also exploring other options to help poorer and more vulnerable countries in their recovery efforts,” the fund said.

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