March 26, 2020 / 4:31 PM / in 10 days

IMF calls meeting of steering committee on pandemic response: source

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo

WASHINGTON (Reuters) - The International Monetary Fund will convene an extraordinary meeting of its steering committee on Friday to discuss the Fund’s response to the rapidly spreading coronavirus pandemic, a source familiar with the plans said on Thursday.

IMF Managing Director Kristalina Georgieva on Thursday asked G20 leaders to back a doubling of the $50 billion in emergency financing the Fund has already made available to help poor and middle-income countries deal with the health and economic impact of the pandemic.

She also asked G20 leaders to boost global liquidity through a sizeable SDR (Special Drawing Right) allocation, as was done during the 2008-2009 financial crisis, as well as expanded use of swap type facilities at the Fund.

Reporting by Andrea Shalal

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