G7 advanced economies have agreed to boost International Monetary Fund reserves by around $650 billion through a new allocation of the fund’s special drawing rights, Japan’s Kyodo news agency reported on Wednesday.

The increased reserves will be used to fund a package of relief measures for emerging economies hit by the COVID-19 pandemic, Kyodo said.

Finance leaders of the Group of Seven economies will sign off on the deal at an online meeting to be held on Friday, Kyodo said without citing sources.

-Reuters