India softened its stand on SDR issuance at the last minute

NEW DELHI : India, which was opposed to the idea of general allocation of special drawing rights (SDR), may have softened its stand on the proposal at the last minute during the latest G20 meeting. G20 members had proposed the allocation of SDR worth $650 billion to help poor countries fight the economic fallout of the coronavirus pandemic.

Late on Wednesday, G20 finance ministers finally gave their nod to the IMF to issue SDR to help boost reserves of all nations, and avoid pushing low-income countries (LICs) into further distress.

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