Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations
Policy Papers, August 28, 2009
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- Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations
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Bibliographic details
- Published: August 28, 2009
- Series: Policy Papers
Summary and Context
- IMF decision to implement a US$250 billion general allocation of special drawing rights (SDRs).
- Fourth Amendment of the Fund’s Articles of Agreement recently effective, making available to SDR Department participants a special allocation of up to an additional SDR 21.5 billion (US$33 billion).
- Nearly US$115 billion of these combined allocations will go to emerging market and developing countries.
- About US$20 billion of the combined allocations will go to low-income countries (LICs).
- Objective: provide an important boost to the reserves of countries with the greatest needs against the backdrop of the global financial crisis.
Key Subjects Covered
- Allocation of SDRs
- Debt sustainability
- Guidance statements for Fund representatives
- Liquidity management
- SDRs
Implications and Findings
- Combined SDR allocations consist of:
- US$250 billion general allocation.
- Special allocation of up to SDR 21.5 billion (US$33 billion) under the Fourth Amendment.
- Distribution outcomes highlighted:
- Nearly US$115 billion to emerging market and developing countries.
- About US$20 billion to low-income countries (LICs).
- Intended effect: bolster reserve positions of countries most affected by the global financial crisis.
Source: Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations, International Monetary Fund, August 28, 2009.