WASHINGTON (Reuters), The International Monetary Fund has announced that Wednesday’s executive board approved the establishment of a new fund to assist low-income, vulnerable and middle-income countries with long-term problems such as climate changes and pandemics.

Kristalina Georgieva (IMF managing director) announced in a statement that Kristalina Georgieva had approved the Resilience and Sustainability Trust and stated it would be effective from May 1.

The trust will increase the effect of the $650 billion IMF Special Drawing Rights allocation last year by allowing wealthy members to funnel their emergency funds to the countries most in need. She stated that the goal was to create a trust worth at least $45 trillion.