Members to reach $100-bn target for shifting reserves, says IMF chief

International Monetary Fund Managing Director Kristalina Georgieva (pictured) on Wednesday said she expects advanced economies to reach their target of shifting $100 billion of $650 billion in newly created emergency reserves to countries in need.

Georgieva said she was encouraged by the IMF executive board's consideration of a new Resilience and Sustainability Trust that would allow richer countries to donate or loan their share of the new Special Drawing Rights to more countries than just the low-income countries now eligible for such help.

The IMF chief said the fund was also putting in place measures to increase transparency about the use of any SDRS.

Georgieva is fully focused on global challenges, she said on Tuesday, after the fund's executive board cleared her of claims that she pressured World Bank staff to alter data to favour China in her previous job.