WASHINGTON (Reuters) – The IMF will distribute about $650 billion in new Special Drawing Rights to its members on Monday, providing a “significant shot in the arm” for global efforts to combat the COVID-19 pandemic, Managing Director Kristalina Georgieva said.

FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva makes remarks at an opening news conference during the IMF and World Bank’s 2019 Annual Fall Meetings of finance ministers and bank governors, in Washington, U.S., October 17, 2019. REUTERS/Mike Theiler/File Photo

The International Monetary Fund’s largest-ever distribution of monetary reserves will provide additional liquidity for the global economy, supplementing member countries’ foreign exchange reserves and reducing their reliance on more expensive domestic or external debt, Georgieva said in a statement.

“The allocation is a significant shot in the arm for the world and, if used…

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