{
  "title": "Press Release: IMF Executive Board Backs US$250 Billion SDR Allocation to Boost Global Liquidity",
  "publication": "IMF News, July 20, 2009",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr09264",
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  "summary": "The Executive Board of the International Monetary Fund (IMF) backed an allocation of Special Drawing Rights (SDRs) equivalent to US$250 billion.",
  "publishDate": "2009-07-20",
  "sections": [
    {
      "heading": "Decision and purpose",
      "content": "- The Executive Board of the International Monetary Fund (IMF) backed an allocation of Special Drawing Rights (SDRs) equivalent to US$250 billion.\n- Purpose: to provide liquidity to the global economic system by supplementing the Fund’s 186 member countries’ foreign exchange reserves.\n- The proposal will be submitted to the IMF’s Board of Governors for final approval.\n- Quote: “The SDR allocation is a key part of the Fund’s response to the global crisis, offering significant support to its members in these difficult times,” IMF Managing Director Dominique Strauss-Kahn said.\n- Press Release No. 09/264; date: July 20, 2009."
    },
    {
      "heading": "Allocation details and beneficiaries",
      "content": "- Equivalent of nearly US$100 billion of the new allocation will go to emerging markets and developing countries.\n- Low-income countries will receive over US$18 billion.\n- SDRs will be made to IMF members that are participants in the Special Drawing Rights Department (currently all members) in proportion to their existing quotas in the Fund.\n- The operation will increase each country’s allocation of SDRs by approximately 74 percent of its quota.\n- Fund members’ total allocation will increase to an amount equivalent to about $283 billion, from about $33 billion (SDR 21.4 billion)."
    },
    {
      "heading": "Context and linkage to wider plan",
      "content": "- The SDR allocation was requested as part of a US$1.1 trillion plan agreed at the G-20 summit in London in April and endorsed by the International Monetary and Financial Committee (IMFC).\n- Objective of the plan: to tackle the global financial and economic crisis by restoring credit, growth and jobs in the world economy."
    },
    {
      "heading": "Approval process and timing",
      "content": "- Final approval requires an 85 percent majority of the total voting power of the Board of Governors.\n- A vote was scheduled to close on August 7.\n- If approved, the SDR allocation will be in effect on August 28."
    },
    {
      "heading": "Uses and potential member actions",
      "content": "- SDRs allocated to members will count toward their reserve assets, acting as a low cost liquidity buffer for low-income countries and emerging markets and reducing the need for excessive self-insurance.\n- Some members may choose to sell part or all of their allocation to other members in exchange for hard currency to meet balance of payments needs.\n- Other members may choose to buy more SDRs as a means of reallocating their reserves."
    },
    {
      "heading": "Executive Board guidance and conditions",
      "content": "- The Executive Board stressed that the allocation should not weaken the pursuit of prudent macroeconomic policies.\n- The allocation should not substitute for a Fund-supported program or postpone needed policy adjustments.\n- Quote: \"The allocation is a prime example of a cooperative monetary response to the global financial crisis,\" the Managing Director underscored.\n\nSource: Press Release No. 09/264, July 20, 2009.\n\n---\n\n Content in this bundle\n\n- Pr09264apdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Pr09264cpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Pr09264jpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chap3pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Pr09264rpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Press Releases\n- PRESS CENTER\n- Special Drawing Rights (SDRs)\n- proposal\n- US$1.1 trillion plan\n- SDR allocation\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr09264"
    }
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    "Published: July 20, 2009",
    "The Executive Board of the International Monetary Fund (IMF) backed an allocation of Special Drawing Rights (SDRs) equivalent to US$250 billion.",
    "Purpose: to provide liquidity to the global economic system by supplementing the Fund’s 186 member countries’ foreign exchange reserves.",
    "The proposal will be submitted to the IMF’s Board of Governors for final approval.",
    "Quote: “The SDR allocation is a key part of the Fund’s response to the global crisis, offering significant support to its members in these difficult times,” IMF Managing Director Dominique Strauss-Kahn said.",
    "Press Release No. 09/264; date: July 20, 2009.",
    "Equivalent of nearly US$100 billion of the new allocation will go to emerging markets and developing countries.",
    "Low-income countries will receive over US$18 billion.",
    "SDRs will be made to IMF members that are participants in the Special Drawing Rights Department (currently all members) in proportion to their existing quotas in the Fund.",
    "The operation will increase each country’s allocation of SDRs by approximately 74 percent of its quota.",
    "Fund members’ total allocation will increase to an amount equivalent to about $283 billion, from about $33 billion (SDR 21.4 billion).",
    "The SDR allocation was requested as part of a US$1.1 trillion plan agreed at the G-20 summit in London in April and endorsed by the International Monetary and Financial Committee (IMFC).",
    "Objective of the plan: to tackle the global financial and economic crisis by restoring credit, growth and jobs in the world economy.",
    "Final approval requires an 85 percent majority of the total voting power of the Board of Governors.",
    "A vote was scheduled to close on August 7.",
    "If approved, the SDR allocation will be in effect on August 28.",
    "SDRs allocated to members will count toward their reserve assets, acting as a low cost liquidity buffer for low-income countries and emerging markets and reducing the need for excessive self-insurance.",
    "Some members may choose to sell part or all of their allocation to other members in exchange for hard currency to meet balance of payments needs.",
    "Other members may choose to buy more SDRs as a means of reallocating their reserves.",
    "The Executive Board stressed that the allocation should not weaken the pursuit of prudent macroeconomic policies.",
    "The allocation should not substitute for a Fund-supported program or postpone needed policy adjustments.",
    "Quote: \"The allocation is a prime example of a cooperative monetary response to the global financial crisis,\" the Managing Director underscored.",
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    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Special Drawing Rights (SDRs)](https://www.imf.org/external/np/exr/facts/sdr.htm)",
    "[proposal](https://www.imf.org/external/np/exr/faq/sdrallocfaqs.htm)",
    "[US$1.1 trillion plan](https://www.imf.org/external/np/exr/faq/sdrfaqs.htm)",
    "[SDR allocation](https://www.imf.org/external/np/tre/sdr/proposal/2009/0709.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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