IMF Chief Expects Members to Reach $100 Billion Target for Shifting Reserves to Vulnerable Countries

International Monetary Fund Managing Director Kristalina Georgieva on Wednesday said she expects advanced economies to reach their target of shifting $100 billion of $650 billion in newly created emergency reserves to countries in need, Reuters reported. Georgieva told reporters she was encouraged by the IMF executive board's consideration of a new Resilience and Sustainability Trust (RST) that would allow richer countries to donate or loan their share of the new Special Drawing Rights to more countries than just the low-income countries now eligible for such help under the IMF's Poverty Reduction and Growth Trust. The IMF chief said the fund was also putting in place measures to increase transparency about the use of any SDRs. Georgieva said members broadly supported the creation of the new RST trust during a nearly four-hour meeting of the executive board on Friday where IMF staff answered questions about potential criteria, financial arrangements and the objective of the new trust. "We want to be part of the solutions policymakers will have to make about long-term transformation on climate, but also beyond climate," she said. Read more.