IMF tables $650bn forex reserves bid
Published On July 14, 2021 » 503 Views» By Times Reporter » Business, Stories
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By MAIMBOLWA MULIKELELA
International Monetary Fund (IMF) managing director Kristalina Georgieva has submitted a proposal for a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion to the board of governors for approval.
This is meant to enable member countries, such as Zambia, with strong economic fundamentals to divert reserves to low-income and vulnerable countries. Once approved, the development spells hope for an opportunity to shore up decade of low foreign exchange reserves for Zambia.

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