Washington, June 26 (IANS) The International Monetary Fund (IMF) is expected to complete the process of a new allocation of Special Drawing Rights (SDR) by the end of August, spokesman Gerry Rice said.

The IMF executive board on Friday discussed a proposal for a new SDR allocation of $650 billion, "the largest issuance in the IMF's history" aimed at helping its membership, especially the most vulnerable, overcome the Covid-19 crisis, Rice said in a statement at the end of the meeting.

"The Board discussion is another step in the process toward a new SDR allocation which we expect to be completed by the end of August," Rice said.

The SDR can be exchanged among governments for freely usable currencies in times of need.

--IANS ksk/