Rishi Sunak to save billions by counting IMF cash as aid for poor | Rishi Sunak

Rishi Sunak is to save billions of pounds by counting as aid financial assistance to poor countries being provided as a result of a windfall Britain has received from the International Monetary Fund (IMF).

In a move that has been condemned by former Conservative international development secretaries, the chancellor has chosen not to use the UK’s share of a new $650bn IMF global fighting fund to increase the share of national output spent on aid.

Britain received $27.4bn (£20bn) as its share of an allocation of IMF special drawing rights (SDRs) – financial assets designed to help poor countries struggling during the pandemic – months after the government decided to cut aid spending from 0.7% to 0.5% of national income.

Other rich countries are making help provided as a result of the SDRs additional to existing budgets, but the UK will stick to internationally agreed rules that allow 30% of any concessional lending through the IMF…

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