The International Monetary Fund (IMF) has approved $ 650 billion for the global economic recovery following the coronavirus pandemic, the organization said in a statement.

As noted on the IMF website, distributions will begin on August 23, special drawing rights will be available to all members of the fund in proportion to their quotas. About $ 275 billion is earmarked for emerging markets and low-income countries, the IMF said.

IMF chief Kristalina Georgieva called the decision "historic" and an inoculation for the global economy during an unprecedented crisis, the press release said.