The SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.
The SDR is not a currency. It is a potential claim on the freely usable currencies of IMF members. As such, SDRs can provide a country with liquidity.
A basket of currencies defines the SDR: the US dollar, Euro, Chinese Yuan, Japanese Yen, and the British Pound.
Since the onset of the pandemic, SDR channeling (and equivalent currency amounts) has helped many countries in need, especially those eligible for financial support from the IMF’s Poverty Reduction and Growth Trust (PRGT) and the Resilience and Sustainability Trust (RST).
Since 2020, SDR channeling of $57 billion has supported interest-free loans through the PRGT for our poorest members. This financing helps support growth enhancing reforms in these countries. So far, loans amounting to about $37 billion through end-May 2025 have been committed to 57 countries and could benefit more in the years ahead.
Channeling has also supported the operations of the RST, which delivers affordable long-term financing to help vulnerable countries tackle long-term challenges including climate change. To date, 23 RST partners have channeled or committed to channeling about $48 billion to the RST, which is expected to contribute toward meeting an estimated $29 billion in affordable financing.
This report discusses the findings and recommendations of the 2025 assessment of the data quality of the public debt statistics of Zimbabwe against the IMF’s Data Quality Assessment Framework (DQAF). The assessment was undertaken as part of a project to strengthen the quality of public sector debt statistics (PSDS) in selected African countries, funded by the Government of Japan. Discussions with various stakeholders as well as review of data received and published indicate that Zimbabwe’s public debt statistics are broadly reliable and continue to improve. The responsibility for debt management and reporting is clearly specified and established in the law. The flow of information needed to compile Zimbabwe’s public sector debt statistics is efficient, well-coordinated, audited annually by the Auditor- General, and the report presented to Parliament. Compilation methods broadly follow international statistical standards and there is evidence of strong and frictionless oversight provided by the top management of Zimbabwe’s Public Debt Management Office. The report noted the need for sustained commitment by top management to enhance debt data quality, transparency, and accountability. Recommendations include inter alia expanding the sector coverage of the public debt reports to include direct non-guaranteed borrowing of public units outside the budgetary central government, assessing the materiality of liabilities related to public private partnerships (PPPs) and financial leases, and expanding debt instruments to include expenditure arrears and other accounts payable.
In February 2025, an assessment was undertaken of the data quality of the public sector debt statistics (PSDS) of the Republic of Zimbabwe against the IMF’s Data Quality Assessment Framework (DQAF) for PSDS. The assessment was undertaken as part of a project to strengthen the quality of public sector debt statistics in selected African countries, funded by the Government of Japan. The assessment reviewed the PSDS compilation and dissemination practices against each element of the DQAF and presented a series of recommendations to improve the quality and transparency of the PSDS of the Republic of Zimbabwe.
Haiti is facing exceptional humanitarian, economic, social, and political challenges while the security situation remains dire, and has further deteriorated. The Kenya-led Multinational Security Support Mission (MSS) has struggled to contain gang violence because of understaffing and lack of financing. This has led to the recent accelerated deployment of additional personnel from the Caribbean and Central America. The United States has also reconfirmed its support for the MSS. The Temporary Protected Status for Haitian migrants in the United States is set to expire on August 3, 2025, unless extended.
Guidelines for Investing PRG, RS, PRG-HIPC, and CCR Trusts’ Assets (the “Guidelines”), were adopted on April 13, 2022 in the context of the Board’s consideration of the Proposal to Establish a Resilience and Sustainability Trust (“RST”, see Attachment C) to establish the investment objectives and policies to guide the investment of investable assets of the RST, in addition to the PRG, PRG-HIPC, and CCR Trusts. These Guidelines were amended by the Executive Board on October 15, 2024 in the context of the Board’s consideration of the 2024 Review of the Poverty Reduction and Growth Trust Facilities and Financing—Reform Proposals. The amended Guidelines are included in this document and replace the Guidelines for Investing PRG, PRG-HIPC, and CCR Trust Assets which was adopted on April 13, 2022.
The Nicaraguan economy is experiencing robust growth. Real GDP growth accelerated to around 4½ percent in 2023 and the first half of 2024, from about 3.8 percent in 2022, on the back of robust domestic demand, while inflation is moderating. Prudent macroeconomic policies and record-high remittances sustained this performance, a decrease in the estimated poverty ratio, and also led to twin surpluses, a steady decline in debt, and the accumulation of strong buffers. Gross international reserves reached US$5.7 billion, or 7.2 months of imports, by end-October 2024. The economy remains open and resilient, after confronting multiple large shocks, and on a backdrop of transfers of private property to the state, international sanctions, and reorientation of official financing. Going forward, domestic and international political developments may impact economic performance, by potentially increasing the cost of doing business and impacting other cross-border flows.
After reaching 5.1 percent in 2023, growth is expected to slow to 3.9 percent in 2024, while inflation would decline to 8.2 percent. The banking sector remains resilient amid continued rapid consumer credit growth. A moderate current account deficit is expected this year. The outlook is subject to elevated risks, including from an uncertain external environment. Decisive reforms are necessary to diversify the economy, make growth higher and more inclusive, and address challenges from climate change.
This report discusses the findings and recommendations of the 2025 assessment of the data quality of the public debt statistics of Zimbabwe against the IMF’s Data Quality Assessment Framework (DQAF). The assessment was undertaken as part of a project to strengthen the quality of public sector debt statistics (PSDS) in selected African countries, funded by the Government of Japan. Discussions with various stakeholders as well as review of data received and published indicate that Zimbabwe’s public debt statistics are broadly reliable and continue to improve. The responsibility for debt management and reporting is clearly specified and established in the law. The flow of information needed to compile Zimbabwe’s public sector debt statistics is efficient, well-coordinated, audited annually by the Auditor- General, and the report presented to Parliament. Compilation methods broadly follow international statistical standards and there is evidence of strong and frictionless oversight provided by the top management of Zimbabwe’s Public Debt Management Office. The report noted the need for sustained commitment by top management to enhance debt data quality, transparency, and accountability. Recommendations include inter alia expanding the sector coverage of the public debt reports to include direct non-guaranteed borrowing of public units outside the budgetary central government, assessing the materiality of liabilities related to public private partnerships (PPPs) and financial leases, and expanding debt instruments to include expenditure arrears and other accounts payable.
In February 2025, an assessment was undertaken of the data quality of the public sector debt statistics (PSDS) of the Republic of Zimbabwe against the IMF’s Data Quality Assessment Framework (DQAF) for PSDS. The assessment was undertaken as part of a project to strengthen the quality of public sector debt statistics in selected African countries, funded by the Government of Japan. The assessment reviewed the PSDS compilation and dissemination practices against each element of the DQAF and presented a series of recommendations to improve the quality and transparency of the PSDS of the Republic of Zimbabwe.
Haiti is facing exceptional humanitarian, economic, social, and political challenges while the security situation remains dire, and has further deteriorated. The Kenya-led Multinational Security Support Mission (MSS) has struggled to contain gang violence because of understaffing and lack of financing. This has led to the recent accelerated deployment of additional personnel from the Caribbean and Central America. The United States has also reconfirmed its support for the MSS. The Temporary Protected Status for Haitian migrants in the United States is set to expire on August 3, 2025, unless extended.
Guidelines for Investing PRG, RS, PRG-HIPC, and CCR Trusts’ Assets (the “Guidelines”), were adopted on April 13, 2022 in the context of the Board’s consideration of the Proposal to Establish a Resilience and Sustainability Trust (“RST”, see Attachment C) to establish the investment objectives and policies to guide the investment of investable assets of the RST, in addition to the PRG, PRG-HIPC, and CCR Trusts. These Guidelines were amended by the Executive Board on October 15, 2024 in the context of the Board’s consideration of the 2024 Review of the Poverty Reduction and Growth Trust Facilities and Financing—Reform Proposals. The amended Guidelines are included in this document and replace the Guidelines for Investing PRG, PRG-HIPC, and CCR Trust Assets which was adopted on April 13, 2022.
The Nicaraguan economy is experiencing robust growth. Real GDP growth accelerated to around 4½ percent in 2023 and the first half of 2024, from about 3.8 percent in 2022, on the back of robust domestic demand, while inflation is moderating. Prudent macroeconomic policies and record-high remittances sustained this performance, a decrease in the estimated poverty ratio, and also led to twin surpluses, a steady decline in debt, and the accumulation of strong buffers. Gross international reserves reached US$5.7 billion, or 7.2 months of imports, by end-October 2024. The economy remains open and resilient, after confronting multiple large shocks, and on a backdrop of transfers of private property to the state, international sanctions, and reorientation of official financing. Going forward, domestic and international political developments may impact economic performance, by potentially increasing the cost of doing business and impacting other cross-border flows.
After reaching 5.1 percent in 2023, growth is expected to slow to 3.9 percent in 2024, while inflation would decline to 8.2 percent. The banking sector remains resilient amid continued rapid consumer credit growth. A moderate current account deficit is expected this year. The outlook is subject to elevated risks, including from an uncertain external environment. Decisive reforms are necessary to diversify the economy, make growth higher and more inclusive, and address challenges from climate change.
