Economics
U.S. Leans Toward Backing $500 Billion Bump in IMF Firepower
- Increased special drawing rights could help developing nations
- Yellen taps ex-IMF No. 2 official David Lipton as adviser
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The U.S. Treasury is leaning toward backing a boost of as much as $500 billion to the International Monetary Fund’s resources, helping it support developing nations against the Covid-19 crisis, according to people familiar with the matter.
Treasury Secretary Janet Yellen could make a decision as soon as the end of February, when finance ministers and central bankers from the Group of 20 meet, the people said on the condition of anonymity. That event, hosted by Italy, will be held virtually on Feb. 26.