G7 moves closer to offering Covid financial support for developing nations

Leading industrial nations support a possible $500bn rise in IMF currency reserves to help poorer states cope with Covid crisis

The world's leading industrial nations have moved a decisive step closer to providing pandemic financial support for developing countries after they backed plans to increase currency reserves provided by the International Monetary Fund.

After the US dropped its opposition to a fresh allocation of the IMF's special drawing rights, extra funds to help developing nations cope with the economic effects of Covid-19 looks certain to be rubber-stamped next month.