The Case for A General Allocation Of SDRs during the Thirteenth Basic Period

Policy Papers, July 2, 2026

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On June 15, 2026, the Managing Director of the International Monetary Fund (IMF) informed the Executive Board of the IMF regarding a general allocation of Special Drawing Rights (SDRs).
The Managing Director concluded that she would not plan to make, by June 30 of this year, a proposal for the Thirteenth Basic Period (2027-2031), as there is neither a clear economic case nor the necessary support for a new allocation at present.
The Managing Director’s decision does not preclude her from making a proposal, at her initiative or at the request of the Board of Governors or the Executive Board, at any time during the Thirteenth Basic Period.
On June 26, 2026, the Managing Director reported her position to the Board of Governors of the IMF.

No clear economic case was identified for a general allocation of SDRs for the Thirteenth Basic Period (2027-2031).
There was not the necessary support for a new allocation at the time of the Managing Director’s June 15, 2026 communication to the Executive Board.
The window for proposing an allocation by June 30, 2026, was not pursued; a proposal could still be made later during the Thirteenth Basic Period if initiated by the Managing Director or requested by the Board of Governors or the Executive Board.

Subject: Asset and liability management; Capital markets; Central banks; Emerging and frontier financial markets; Financial markets; International capital markets; International liquidity; International reserves; Reserve assets; Sovereign debt restructuring
Keywords: allocation; article XVIII; basic period; Capital markets; Emerging and frontier financial markets; executive board concurrence; Global; IMF staff; International capital markets; International liquidity; International reserves; Middle East; Reserve assets; SDR allocation; SDRs; SDRS relative; Sovereign debt restructuring