IMF’s largest special drawing rights allocation in history takes effect

announced on Monday that its new allocation of Special Drawing Rights was equivalent to $650 billion.

The largest SDR in the IMF’s history comes into effect in an effort to help countries recover from the COVID-19 pandemic. “The allocation is a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis. “The SDR allocation will provide additional liquidity to the global economic system supplementing countries’ foreign exchange reserves,’’ IMF Managing Director Kristalina Georgieva said in a statement.

He added that countries could use the space provided by the SDR allocation to support their economies and step up their fight against the crisis.About $275 billion of the new allocation would go to emerging and developing countries, of which low-income countries would receive about $21 billion, according to the IMF. Nigeria will get $3.35 billion.

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