George Soros has proposed a plan to lend $100 billion to developing countries to deal with climate change threats, Financial Times reports. The money for the plan will come from the International Monetary Fund’s (IMF) financial instruments, called special drawing rights (SDRs).
The SDRs, used to create liquidity, are a type of basket “currency” and are held by countries as part of their reserves. Soros believes the reserves are unnecessary and should be lent to developing countries through a “green fund.”
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