On Monday, August 23, the largest ever allocation of Special Drawing Rights (SDR) among member countries of the International Monetary Fund (IMF) came into уааусе at SDR 456 billion, which is equivalent to US$ 650 billion. Uzbekistan received about US$ 746 million.
Proposals to allocate additional SDRs worth at least US$ 500 billion were first made in the spring of 2020, at the peak of the first wave of the COVID-19 pandemic. The IMF Managing Director Kristalina Georgieva called the allocation a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis.
“The SDR allocation will provide additional liquidity to the global economic system – supplementing countries’ foreign exchange reserves and reducing their reliance on more expensive domestic or external debt. Countries can use the space provided by the SDR allocation to support their economies and step up their fight against the crisis, ”the statement says.
“SDRs are being distributed to countries in proportion to their quota shares in the IMF. This means about US$275 billion is going to emerging and developing countries, of which low-income countries will receive about US$21 billion – equivalent to as much as 6 percent of GDP in some cases.