In this June 1, 2018 photo, flags of the Group of Seven (G7) nations and the European Union flag fly over the Fairmont Le Manoir Richelie hotel, the location for the G7 summit, in La Malbaie, Quebec. (ALICE CHICHE / AFP)
TOKYO/LONDON – The Group of Seven (G7) advanced economies are still discussing a proposal to boost International Monetary Fund (IMF) reserves for pandemic relief, several sources close to the discussion said on Wednesday, dismissing a report that a deal had been reached.
Earlier, Japan’s Kyodo news agency reported they had secured agreement for increased reserves of around US$650 billion through a new allocation of the fund’s special drawing rights ahead of a meeting of G7 finance leaders to be hosted by Britain on Friday.
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“We are still continuing debates with the aim of agreeing on boosting SDR to help low-income countries… but we have not yet firmed up details as to the size of SDR boost and the timing of agreement,” said a government official with direct knowledge of the matter.
A G7 source said that Friday’s call would deal with the matter but that “work needs to be done”.