Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations

Policy Papers, August 23, 2021

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Canonical URL: Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations

Provides guidance for staff on the treatment and use of allocations of Special Drawing Rights (SDRs).
Presents a consistent framework for IMF country teams to assess the macroeconomic implications of the SDR allocation at the country level.
Areas covered:
- Statistical and accounting treatment.
- General macroeconomic implications and advice.
- Debt sustainability analysis.
- Transparency and accountability.
- Reserve management.
- Implications for Fund-supported programs.

Statistical and accounting treatment
- Guidance on how allocations and positions should be recorded and reported in external sector and public debt statistics.
General macroeconomic implications and advice
- Framework for assessing country-level macroeconomic effects of SDR allocations and for formulating policy advice.
Debt sustainability analysis
- Consideration of the implications of SDR allocations for debt sustainability assessments and public debt trajectories.
Transparency and accountability
- Recommendations for disclosure and reporting to enhance transparency surrounding the use of SDR allocations.
Reserve management
- Advice on how SDR allocations interact with reserve management strategies and reserve adequacy assessments.
Implications for Fund-supported programs
- Guidance on how SDR allocations should be treated within the context of programs supported by the IMF.