International Monetary Fund MD Kristalina Georgieva. Picture: REUTERS/REMO CASILLI
“The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy,” Georgieva said. “It will particularly help our most vulnerable countries struggling to cope with the impact of the Covid-19 crisis.”
Reserves are allocated to all 190 members of the IMF in proportion to their quota, and some 70% will go to the G20 largest economies, with just 3% for low-income nations. Overall, 58% of the new SDRs go to advanced economies, with 42% for emerging and developing economies. So of the $650bn, about $21bn go to low-income countries and $212bn to other emerging market and developing countries, without counting China, according to US treasury department calculations.
SA President Cyril Ramaphosa has previously said that from the total allocation, about one-quarter — equivalent to about $162bn — should be made available to African countries. He has called on rich nations to donate — and not just on-lend — their allotments.
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