New Special Drawing Rights should tackle Covid, not lead to aid cuts or deepen the debt crisis

In late August the IMF is planning on creating $650 billion of Special Drawing Rights (SDRs) to strengthen global financial reserves in response to the ongoing Covid-19 crisis and its economic ramifications.

SDRs are a currency unit created by the IMF which sit in member countries’ reserves. They can free up other funds or be exchanged for hard currency ($, £ etc) to pay for things like imports.

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