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IMF considers issuing $650 billion in reserves

Section: Daily Dispatches

By Eric Martin and Saleha Mohsin
Bloomberg News
Tuesday, March 23, 2021

The International Monetary Fund is considering a plan to create as much as $650 billion in additional reserve assets to help developing economies cope with the pandemic, with an eye on making a decision next month, according to two people familiar with the plan.

The institution's executive board is discussing the staff proposal informally today and one of the priorities will be to consider how much to issue in the units known as special drawing rights, according to the people, who spoke on condition of anonymity because the talks are private.

... Dispatch continues below ...


Newrange Completes IP Survey at Pamlico and Enlarges Property

Company Announcement
Tuesday, March 23, 2021

VANCOUVER, British Columbia, Canada -- Newrange Gold Corp. (TSXV: NRG, US: NRGOF, Frankfurt: X6C) is pleased to announce that the expanded induced polarization survey on the Pamlico Project in Nevada has been completed and interpreted.

The new survey comprised 56.35 line kilometers, bringing the total, including the 2019-20 survey, to more than 76.5 line kilometers and covering the entire property.

Three large areas of anomalous chargeability were detected, all of which encroached on the property boundary such that the company has staked additional ground, more than doubling the size of the property. The ultimate size will depend upon an ongoing assessment of the new anomalies and the geological setting and prospectivity of each.

“The new IP survey has been highly successful in not only further defining and extending the known anomalies, but has identified others of potential significance,” Newrange CEO Robert Archer said. ...

... For the remainder of the announcement:

Attention is now focused on a $650 billion issuance, according to the people, after previous talk of $500 billion.

The IMF press office declined to comment. IMF Managing Director Kristalina Georgieva is expected to release a statement after the meeting, one of the people said.

Momentum has been building for the injection of funds after U.S. Treasury Secretary Janet Yellen leaned toward supporting the action, reversing opposition last year under President Donald Trump. Her predecessor, Steven Mnuchin, blocked the move in 2020, saying that because reserves are allocated to all 190 members of the IMF in proportion to their quota, some 70% would go to the Group of 20, with just 3% for the poorest developing nations. ...

... For the remainder of the report:

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