Proposal for a General Allocation of SDRs
Faced with a global crisis of exceptional magnitude, the membership of the IMF has called for ambitious steps to strengthen the global financial safety net.
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Volume/Issue:
Volume 2009
Issue 065
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Banks and Banking , Exports and Imports , Money and Monetary Policy , PP , SDR allocation , SDR holding , SDR transaction , reserve currency , SDR holder , SDR sale , special drawing rights Department , allocation of SDRs , board of governors , exchange rate , SDR transactions , debt service , SDR interest rates , Monetary base , Reserve assets , Balance of payments need , Reserve currencies , Global
Summary
Faced with a global crisis of exceptional magnitude, the membership of the IMF has called for ambitious steps to strengthen the global financial safety net. These include, alongside efforts to strengthen the Fund’s lending capacity, an allocation of SDRs equivalent to US$250 billion to become effective well before the 2009 Annual Meetings. This call recognized that an SDR allocation is a prime example of cooperative monetary response to a global predicament. As such it would build confidence by adding to other concrete evidence of the international community’s commitment to a collaborative response to the crisis. This paper follows up on the IMFC’s request, in its Spring 2009 communiqué, for the IMF to put forward a concrete proposal assessing the case for such a US$250 billion allocation and describing how it could be implemented.
