Lebanon says it could get $900 mln from expansion of IMF reserves

BEIRUT: Lebanon said on Wednesday it could have access to $900 million should the International Monetary Fund's proposed $650 billion expansion of its emergency reserves go through.

The new allocation of the IMF's reserve currency, or Special Drawing Rights, was discussed on Friday and the IMF's executive board is expected to consider the matter around mid-July. If the board approves the expansion, it will go to the board of governors for a vote, with an eye to having the allocation of new SDRs take effect in late August.