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IMF Board Gives Unanimous Support to $650 Billion Reserves Plan
The International Monetary Fund board gave its unanimous support to a proposal to create a record $650 billion of new reserves for its members on Friday, bringing the plan to increase resources for nations struggling with the pandemic one step closer to final approval. All members attending the meeting of the executive board -- composed of 24 individuals from IMF member countries and Managing Director Kristalina Georgieva -- gave their backing to the plan, according to two people familiar with the discussions, who asked not to be identified because they’re private. The plan still requires final approval by the ... (full story)