Home PoliticsAmerica IMF Moves Support Buying Crypto

The IMF is set to vote on a proposal to increase the institution’s lending capacity by $650 billion “in the coming days,” Managing Director Kristalina Georgieva said on Thursday. Flooding the world with more printed Fiat Currency is a strong motivation to move to Crypto.

As countries look to recover from the massive economic damage caused by the Covid-19 pandemic, the IMF has been mulling an increase in its special drawing rights (SDR), which are international reserve assets that aid governments in protecting their financial reserves against global currency fluctuations, and also help the IMF calculate loans and interest rates.

The G7 and G20 groups of nations have endorsed the proposal, and late last month the Washington-based crisis lender’s executive board discussed the increase.

“We expect in the coming days the board of governors of the fund to table for approval by all member states a proposal for emitting $650 billion dollars in special drawing rights,” Georgieva said in Sofia, Bulgaria during a summit of the Three Seas Initiative, which brings together the 12 European Union nations bordering the Baltic, Adriatic and Black seas.

While the new reserves may be approved in the coming days, IMF spokesman Gerry Rice said last month that the actual allocation wouldn’t take place before the end of August due to the complexity of the process.

“Why is this important? It is an injection in the reserves of all members of the fund, providing a lot of space, a lot of space for fiscal actions” at a time when the economy stopped because of Covid, Georgieva said, adding the increase would be the largest in the IMF’s history.

You may also like


Your Trusted Source for Capital Markets & Related News

© 2023 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.