ONE welcomes IMF Special Drawing Rights plan
WASHINGTON DC – The ONE Campaign released the following statement reacting to the news that the IMF Executive Board is expected to advance a USD 650 billion Special Drawing Rights (SDRs) proposal to boost global liquidity and aid economic recovery from the pandemic.
David McNair, ONE’s Executive Director, Global Policy said:
“This is a welcome sign that the world is serious about building an inclusive and sustainable global recovery. IMF members must now capitalize on this momentum and quickly approve the $650 billion general allocation. For this package to have the biggest impact, wealthy countries also need to commit to sharing all of their allocated SDRs, having already injected trillions to kickstart their own economic recovery.
“This could be a vital lifeline for vulnerable countries that continue to be squeezed between responding to a growing health crisis and dealing with devastating economic aftershocks of the global pandemic. It could also be the difference between countries being able to recover, or remaining trapped in this crisis for much of the next decade.”