“No agreement has been signed with the IMF on this issue or entered into a programme relationship. This allocation is a resource available to all member states”, the Ministry said.

Special drawing rights (SDRs) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF).

SDRs were created in 1969 to supplement a shortfall of preferred foreign exchange reserve assets, namely gold and U.S. dollars.

Due to economic stress caused by the global pandemic some economists and several finance ministers of poorer countries have called for a new allocation of $4T to support member economies as they seek ways to recover.

In March 2021 the G24 and others proposed an allocation of $500B for this purpose. (ILKHA)