## 2021 Special Drawing Rights Allocation—Ex-Post Assessment Report

_Policy Papers, August 29, 2023_

## Source details

**Canonical URL:** [2021 Special Drawing Rights Allocation—Ex-Post Assessment Report](https://www.imf.org/en/publications/policy-papers/issues/2023/08/28/2021-special-drawing-rights-allocation-ex-post-assessment-report-538583)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2023/08/28/2021-special-drawing-rights-allocation-ex-post-assessment-report-538583/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2023/08/28/2021-special-drawing-rights-allocation-ex-post-assessment-report-538583/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2023/08/28/2021-special-drawing-rights-allocation-ex-post-assessment-report-538583/bundle-manifest.json)

## Bibliographic details
- Published: August 29, 2023
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9798400254574.007

---

### Overview
- The report follows up on the impact of the historic $650 billion 2021 SDR allocation on the global economy, documenting IMF members' use of the allocation and assessing its economic effects.
- The report finds that the allocation was beneficial for the global economy, helping meet the long-term global need for reserves and supporting market confidence.

### Key findings
- The allocation was beneficial for the global economy.
- It helped meet the long-term global need for reserves.
- It supported market confidence.
- Members’ use of the allocation was mostly in line with Fund advice.
- Voluntary SDR channeling from economically stronger to more vulnerable members helped amplify the benefits of the allocation.
- The transparency and accountability of SDR holdings and use has been broadly appropriate, although some gaps remain.

### Members’ use of the allocation
- Members used the allocation mostly to increase international reserve buffers.
- Some emerging market and developing countries also used the allocation to meet fiscal and external financing needs.

### Costs, obligations, and capacity
- SDR interest costs have increased.
- Members’ capacity to service SDR obligations remains generally adequate.

### Governance, transparency, and channeling
- Members’ use was mostly consistent with Fund advice.
- Transparency and accountability of SDR holdings and use have been broadly appropriate, but gaps remain.
- Voluntary SDR channeling from economically stronger to more vulnerable members amplified the allocation’s benefits.

---

## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2023/english/ppea2023035-s001.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2023/english/ppea2023035-s001.pdf){rel="external" type="application/pdf"}
- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2023/english/ppea2023035.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2023/english/ppea2023035.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/policy-papers/issues/2023/08/28/2021-special-drawing-rights-allocation-ex-post-assessment-report-538583_