• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Monday, June 16, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Foreign

IMF board approves $650bn allocation for Special drawing

The Matters Press by The Matters Press
August 3, 2021
Reading Time: 2 mins read
0
Nigeria gets $12 billion credit from World Bank, IMF in 2020

RELATED POSTS

Fubara shames antagonists of emergency rule, vindicates Tinubu – TDF

Nigeria’s talent export initistive a game changer

Baba-Ahmed’s Assessment of Tinubu’s Performance lacks depth and reflects personal frustration – TDF

The Board of Governors of the International Monetary Fund (IMF), has approved a general allocation of Special Drawing Rights (SDRs) equivalent to 650 billion dollars (about SDR 456 billion) to boost global liquidity.

In a statement issued on Tuesday in Washington DC, the board gave the approval on Monday.

It also said that the general allocation of SDRs would become effective on Aug. 23.

It added that the newly created SDRs would be credited to IMF member countries in proportion to their existing quotas in the fund.

According to it, about 275 billion dollars (about SDR 193 billion) of the new allocation will go to emerging markets and developing countries, including low-income countries.

Managing Director, Ms Kristalina Georgieva, said it was a historic decision.

According to her, it is the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis.

“The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence and foster the resilience and stability of the global economy.

“It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis.

“We will also continue to engage actively with our membership to identify viable options for voluntary channeling of SDRs from wealthier to poorer and more vulnerable member countries.

“This is to support their pandemic recovery and achieve resilient and sustainable growth”, Georgieva said.

The IMF said that one key option was for members that had strong external positions to voluntarily channel part of their SDRs to scale up lending for low-income countries through the IMF’s Poverty Reduction and Growth Trust (PRGT).

It also said that concessional support through the PRGT was currently interest free as the IMF was also exploring other options to help poorer and more vulnerable countries in their recovery efforts.

A new Resilience and Sustainability Trust could be considered to facilitate more resilient and sustainable growth in the medium term, it said.

SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.

The SDR is not a currency but a potential claim on the freely usable currencies of IMF members and as such could provide a country with liquidity.

It is defined by a basket of currencies such as the U.S. dollar, Euro, Chinese Yuan, Japanese Yen and the British Pound.

Tags: IMF
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Fubara shames antagonists of emergency rule, vindicates Tinubu – TDF
Energy

Fubara shames antagonists of emergency rule, vindicates Tinubu – TDF

June 16, 2025
Commission plans to liberate 38% illiterate Nigerians
Economy/Technology

Nigeria’s talent export initistive a game changer

June 15, 2025
Baba-Ahmed’s Assessment of Tinubu’s Performance lacks depth and reflects personal frustration – TDF
Economy/Technology

Baba-Ahmed’s Assessment of Tinubu’s Performance lacks depth and reflects personal frustration – TDF

June 15, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Energy

Military deploys 6,195 soldiers to combat terrorism, insurgency in Nigeria

June 15, 2025
Buhari underscores the opportunities in a single African air transport
Economy/Technology

Maiden flight to Ebonyi

June 14, 2025
Reasons not to attack nuclear facilities – UN
Energy

Reasons not to attack nuclear facilities – UN

June 14, 2025
Next Post
Nigeria gets petroleum law to edge out 50 years archaic laws

Nigeria gets petroleum law to edge out 50 years archaic laws

Democracy Day Speech of President Buhari

Garba Shehu blasts Ortom, Benue governor

Recommended Stories

Nigeria gets AfDB’s $14m as member of ATI

AfDB boosts infrastructure development fund with $20m

August 3, 2024
Buhari defeats Atiku

Buhari defeats Atiku

February 27, 2019
Edo unveils plans for investment desks

Ethiopia topples Uganda, Tanzania for Kenya investments abroad

May 10, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Fubara shames antagonists of emergency rule, vindicates Tinubu – TDF
  • Nigeria’s talent export initistive a game changer
  • Baba-Ahmed’s Assessment of Tinubu’s Performance lacks depth and reflects personal frustration – TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us