Africa and SDRs

Christian de Boissieu

No 2311, Policy briefs on Economic Trends and Policies from Policy Center for the New South

Abstract: The member countries of the International Monetary Fund decided in 2021 to create a new tranche of Special Drawing Rights (SDRs) for a sum equivalent to $650 billion. Under the Fund's usual rules, Africa as a whole would receive only a small share of this ($33 billion). Consequently, a number of advanced countries have offered to give Africa a share of their new SDR allocations, so that Africa will receive a total of $100 billion. This Policy Brief provides an update on this topic. What is the state of play of the reallocation operation? How does it work in practice? The paper makes a number of recommendations concerning: 1) the conditions of access of African countries to these new funds; 2) the opportunity through the partial redeployment of SDRs to involve African multilateral development banks more and better; and 3) the possibility of modifying the rules of allocation of the new SDRs.

Date: 2023-03
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Persistent link: https://EconPapers.repec.org/RePEc:ocp:pbecon:pb_13_23

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