New York

03 August 2021

Note to Correspondents on IMF Special Drawing Rights

The Secretary-General welcomes the decision by the International Monetary Fund to approve a $650 billion allocation of its Special Drawing Rights to boost liquidity.This comes at a time when fiscal constraints have been worsened by the COVID-19 crisis. 

The Secretary-General notes that it will be important for the economies who do not need this boost to consider channeling these resources to vulnerable low- and middle-income countries that need a liquidity injection by replenishing the IMF’s Poverty Reduction and Growth Trust Fund.It is also critical to quickly establish the proposed Resilience and Sustainability Trust at the IMF to support a comprehensive response and recovery, including providing more support for vaccinations and debt management and to support the efforts of developing economies in restructuring for inclusive growth.