G20 Backs IMF Chief’s New Trust to Reach Broader Range of Countries in Need

International Monetary Fund (IMF) Managing Director Kristalina Georgieva makes remarks at an opening news conference during the IMF and World Bank's 2019 Annual Fall Meetings of finance ministers and bank governors, in Wash., on Oct. 17, 2019. Mike Theiler/Reuters

WASHINGTON—IMF chief Kristalina Georgieva on Wednesday won the endorsement of the Group of 20 major economies for a new trust that will allow rich IMF members to donate their share of newly created emergency reserves to a broader range of countries in need.

G20 finance officials backed the new Resilience and Sustainability Trust (RST) in their communique, and called on the International Monetary Fund and World Bank to “collaborate closely” to develop and implement financing under the new trust.