Policy Papers

This report is submitted pursuant to the provisions of the Articles of Agreement regarding a general allocation or cancellation of Special Drawing Rights (SDR) for the Twelfth Basic Period that begins on January 1, 2022. The Articles of Agreement provide for periodic consideration and decisions on SDR allocations or cancellations in the context of consecutive basic periods of normally five years of duration (Article XVIII, Section 2(a)). Pursuant to Article XVIII, Section 4(c)(i), the Managing Director must make a proposal to the Board of Governors no later than six months before the end of each basic period regarding a general allocation or cancellation in the next basic period. The Eleventh Basic Period for a general allocation or cancellation of SDRs began on January 1, 2017 and is scheduled to end on December 31, 2021. The Twelfth Basic Period will commence on January 1, 2022.