U.N. chief urges increase in funding for IMF to help pandemic-hit countries

United Nations Secretary-General Antonio Guterres on Tuesday called for an increase in funding for the International Monetary Fund and expanded debt relief to help developing and middle-income countries recover from the novel coronavirus pandemic.

Guterres told an online event that IMF members should agree to a new allocation of IMF Special Drawing Rights, something akin to a central bank “printing” money, and the voluntary reallocation of existing SDRs.

He also called for extending a Group of 20 debt moratorium on official debt payments by the poorest countries beyond the end of 2020, its expansion to include “all developing countries and emerging markets in need.”