WorldIMF approves $650 billion special drawing rights allocation

IMF approves $650 billion special drawing rights allocation


IMFThe general allocation of SDRs will take effect on August 23, the statement said.

In the statement, it was stated that the newly created SDRs will be credited to IMF member countries at the rate of their current quotas in the fund, and it was stated that approximately $275 billion (approximately 193 billion SDR) of the new allocation will go to developing countries, including low-income countries.

IMF Managing Director Kristalina Georgieva described the approval of the new special drawing rights allocation as a “historic decision”.

“The largest SDR allocation in IMF history and a vaccine for the global economy at an unprecedented time of crisis,” Georgieva said. used the phrase.

Pointing out that the SDR allocation will benefit all member countries, Georgieva stated that the allocation will meet the long-term global reserve requirement, build confidence and support the flexibility and stability of the global economy.

Georgieva is particularly concerned about the new SDR allocation. Covid-19 Noting that it will help the most vulnerable countries struggling to cope with the impact of the crisis, he noted that active discussions will continue with members to identify appropriate options for voluntary transfer of SDRs from richer countries to poorer and vulnerable member states.

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