G7 Finance Ministers agree to new financial support package for low-income countries

The G7 Finance Ministers, led by the UK Chancellor of the Exchequer, Rishi Sunak, have announced that they will back a new allocation of the International Monetary Fund's (IMF’s) special draw rights (SDRs) to boost member reserves and enable much-needed liquidity to vulnerable countries. The deal still needs a stamp of approval from G20 and the IMF’s Financing Committee.

As part of the deal, the G7 will work with the IMF to improve the transparency and accountability around the usage of SDRs. They will also explore how richer countries can recycle their SDR holdings to further help low-income countries and come up with some options for how to do this.

Press release - UK government