WASHINGTON: The International Monetary Fund has a goal of distributing a $650 billion allocation of Special Drawing Rights monetary reserves to member countries this summer, IMF First Deputy Managing Director Geoffrey Okamoto said on Monday.

Okamoto told reporters following IMF and World Bank Spring Meetings that the allocation, backed last week by G20 countries, will especially aid middle-income countries that need to refinance debt amid potentially tighter financial conditions.

"The goal would be to make that allocation some time this summer. I would hope it's on the early side of the summer," Okamoto said.