Economics
G-7 Mulls Support for Redirecting $100 Billion in IMF Reserves
- Reallocation would help vulnerable nations, White House says
- G-7 will endorse global minimum tax of at least 15%, U.S. says
Photographer: Andrew Harrer/Bloomberg
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The Group of Seven biggest advanced economies is considering putting its support behind a $100 billion reallocation of potential new International Monetary Fund reserves from richer nations to more vulnerable ones to aid their recovery from the pandemic.
The global effort would address health needs including vaccinations as well as help enable greener, more robust economic recoveries, the White House said in a fact sheet Friday. The G-7 leaders’ communique will have more details, it said. Talks begin Friday at the summit in Cornwall, southwestern England.