Thursday, 16 Apr 2020 05:47 PM MYT
It could provide hundreds of billions of dollars in urgently needed foreign exchange reserves for all of the IMF’s 189 member countries, and finance officials are debating the issue during this week’s virtual IMF and World Bank Spring Meetings. “International financial institutions are important platforms for international cooperation, not political tools for a minority of countries to manipulate,” said a statement from China’s foreign ministry sent to Reuters.
An SDR expansion has attracted some celebrity advocates, such as investor George Soros and U2 lead singer Bono’s ONE anti-poverty organization, along with trade unions and faith-based groups. Some say US$500 billion is too little. Former US Treasury secretary Larry Summers and former British Prime Minister Gordon Brown, who both pushed for the 2009 SDR allocation, called yesterday for a US$1 trillion-plus SDR issuance.
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