The International Monetary Fund (IMF) has said that developing nations stand to receive $245 billion out of the Fund’s $650 billion Special Drawing Rights (SDRs).
The money will be shared based on each of the developing country’s stipulated quotas from the IMF.
Disclosing this was IMF’s Managing Director, Kristalina Georgieva, on Monday, while flagging off the SDR distribution to beneficiary nations.
Stating the benefit of the SDR, Georgieva said that the money would complement the foreign reserves of the countries while providing “additional liquidity to the global economic system”.
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She added, “Countries can use the space provided by the SDR allocation to support their economies and step up their fight against the crisis.
“SDRs are a precious resource and the decision on how best to use them rests with our member countries. For SDRs to be deployed for the maximum benefit of member countries and the global economy, those decisions should be prudent and well-informed.
“To magnify the benefits of this allocation, the IMF is encouraging voluntary channeling of some SDRs from countries with strong external positions, to countries most in need.
“Over the past 16 months, some members have already pledged to lend $24 billion dollars, including $15 billion dollars from their existing SDRs, to the IMF’s Poverty Reduction and Growth Trust, which provides concessional loans to low-income countries.
“This is just a start, and the IMF will continue to work with our members to build on this effort.”
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