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3/15, 10:23 PM (Source: TeleTrader)
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Sunak, Yellen discuss new allocation of SDR

United Kingdom Chancellor of the Exchequer Rishi Sunak (pictured) and United States Treasury Secretary Janet Yellen talked about mutual cooperation on "a possible new allocation of Special Drawing Rights (SDR)."

Potential action on the matter by the two sides would enable "further financial support for low-income countries and paving the way to a truly global recovery," Sunak wrote in a tweet on Monday.

According to the International Monetary Fund (IMF), SDR allocations provide additional support to foreign exchange reserves of the fund's member countries, "allowing members to reduce their reliance on more expensive domestic or external debt for building reserves."

Breaking the News / MS