Proposal For a General Allocation of Special Drawing Rights
Policy Papers, July 12, 2021
Source details
- Canonical URL
- Proposal For a General Allocation of Special Drawing Rights
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Bibliographic details
- Published: July 12, 2021
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9781513583549.007
Proposal summary
- Executive Board discussed a proposal for a general allocation of SDRs on June 25.
- Proposal amount: US$650 billion (about SDR 456 billion).
- Purpose: to address the long-term global need to supplement existing reserve assets and preserve the reserve asset characteristic of the SDR.
- Expected benefits: help many EMDCs that are liquidity constrained to smooth needed adjustment, avoid distortionary policies, and provide scope for spending on crisis response and vaccines.
Process and timeline
- Executive Board concurrence: July 8.
- Managing Director submission to the Board of Governors: July 9.
- Approval requirement: 85 percent majority of the total voting power.
- Approval target date: by August 2.
- If approved, allocation would become effective by the end of August.
Rationale and assessment
- Basis for amount: assessment of IMF member countries’ long-term global reserve needs.
- Framing: described as a historic general allocation intended to supplement reserve assets globally.
Transparency and accountability measures
- Proposal includes measures to enhance transparency and accountability in the reporting and use of SDRs while preserving their reserve asset characteristic.
Key statistics and publication metadata
- Pages: 48
- Volume: 2021
- Issue: 049
- Series: Policy Paper No. 2021/049
- DOI: https://doi.org/10.5089/9781513583549.007
- Stock No: PPEA2021049
- ISBN: 9781513583549
- ISSN: 2663-3493
- Subjects listed: Assessing reserve adequacy (ARA), Central banks, External position, Freely usable currencies, Monetary policy, Money, Political economy, Reserve assets, Reserve currencies, Reserve positions
- Keywords listed: allocation in an amount equivalent, allocation of special drawing rights, Asia and Pacific, Assessing reserve adequacy (ARA), COVID-19 Crisis, Freely usable currencies, Global, I. SDR, Reserve assets, Reserve currencies, Reserve positions, SDR, SDRS trade, use of SDR
International Monetary Fund. "Proposal For a General Allocation of Special Drawing Rights", Policy Papers 2021, 049 (2021), accessed 9/19/2026, https://doi.org/10.5089/9781513583549.007
Content in this bundle
- Policy Paper