U.S. Markets

Britain backs work on new IMF special drawing rights allocation

FILE PHOTO: Britain's Chancellor of the Exchequer Rishi Sunak talks during a TV interview in London, Britain November 22, 2020. REUTERS/Simon Dawson

LONDON (Reuters) - Britain on Friday backed work on a new allocation of the International Monetary Fund’s Special Drawing Rights currency that would help poorer countries.

“During today’s G20 Finance ministers meeting I stressed the importance of supporting vulnerable countries, and expressed my desire for work on a new IMF Special Drawing Rights allocation which gives additional financing to low income countries to help their response and recovery,” finance minister Rishi Sunak tweeted.

Reporting by William James; Editing by Andrew Cawthorne