The writer is managing director of the IMF
On Monday, IMF member countries start receiving their shares of the new $650bn special drawing rights allocation — the largest in the fund’s history. This injection of fresh international reserve assets marks a milestone in our collective ability to combat an unprecedented crisis.
In 2009, during the global financial crisis, a $250bn SDR allocation helped to restore market confidence. This time around, as the world continues to grapple with the Covid-19 pandemic, SDRs are even more important. The additional liquidity will bolster confidence and global economic resilience.
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