WASHINGTON: The International Monetary Fund’s executive board on Friday discussed a proposed $650 billion expansion of its emergency reserves, marking the next step in a process expected to be completed in August, the IMF said in a statement.
The new allocation of the IMF’s reserve currency, or Special Drawing Rights, would be the largest in its history, IMF spokesman Gerry Rice said in a statement. It is aimed at helping the most vulnerable members of the global lender weather the COVID-19 pandemic and its economic fallout.
G7 leaders this month welcomed the proposed expansion of the IMF’s emergency reserves, and backed a global target of providing $100 billion to the most vulnerable countries.
Following Friday’s board discussion, IMF Managing Director Kristalina Georgieva will now prepare a report on the reserve expansion for the IMF’s board of governors, which is expected to be considered by the executive board around mid-July.
If the board approves, it would go to the board of governors for a vote, with an eye to having the allocation of new SDRs take effect in late August.
The Group of 20 major economies endorsed the reserve expansion in April, amid signs that advanced economies are recovering much faster from the pandemic, while developing countries are lagging far behind.
Because the IMF’s cash gets split among all its members, based on their shareholdings in the lender, rich ones will benefit most, with only 7 percent or $42 billion of the total going to the 44 poorer nations.
To help poorer countries, the United States and other Group of Seven nations have called for richer countries to raise $100 billion by channeling some of their newly created reserves or through straight budget loans.
IMF says board discussed $650b expansion of reserves, process to be completed in August
IMF says board discussed $650b expansion of reserves, process to be completed in August
Saudi Arabia leads outcome-based education to prepare future-ready generations: Harvard Business Review
- The Riyadh-based school group developed a strategy that links every classroom activity to measurable student competencies, aiming to graduate learners equipped for the digital economy and real-world contexts
RIYADH: Saudi Arabia’s education system is undergoing a sweeping transformation aligned with Vision 2030, shifting from traditional, input-focused methods to outcome-based education designed to equip students with future-ready skills, Harvard Business Review Arabic reported.
The transformation is being adopted and spearheaded by institutions such as Al-Nobala Private Schools, which introduced the Kingdom’s first national “learning outcomes framework,” aimed at preparing a generation of leaders and innovators for an AI-driven future, the report said.
Al-Nobala has leveraged international expertise to localize advanced learning methodologies.
The Riyadh-based school group developed a strategy that links every classroom activity to measurable student competencies, aiming to graduate learners equipped for the digital economy and real-world contexts. The school’s group approach combines traditional values with 21st-century skills such as critical thinking, communication, innovation and digital fluency.
According to the report, the shift addresses the growing gap between outdated models built for low-tech, resource-constrained environments and today’s dynamic world, where learners must navigate real-time information, virtual platforms, and smart technologies.
“This is not just about teaching content, it’s about creating impact,” the report noted, citing how Al-Nobala’s model prepares students to thrive in an AI-driven world while aligning with national priorities.
The report noted that Saudi Arabia’s Ministry of Education has paved the way for this shift by transitioning from a centralized controller to a strategic enabler, allowing schools such as Al-Nobala to tailor their curriculum to meet evolving market and societal needs. This is part of the long-term goal to place the Kingdom among the top 20 global education systems.
Al-Nobala’s work, the report stated, has succeeded in serving the broader national effort to link education outcomes directly to labor market demands, helping to fulfill the Vision 2030 pillar of building a vibrant society with a thriving economy driven by knowledge and innovation.
Last February, Yousef bin Abdullah Al-Benyan, Saudi Arabia’s minister of education, said that the Kingdom was making “an unprecedented investment in education,” with spending aligned to the needs of growth and development. He said that in 2025, education received the second-largest share of the state budget, totaling $53.5 billion.
