The political agreement of the 190 member states of the International Monetary Fund (IMF) was acquired.
Monday evening, it is the board of governors of the institution which gave the green light to the increase in the reserves of the countries to the tune of 650 billion dollars.
An increase in resources unprecedented in the history of the IMF.
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This envelope takes the form of a new issue of SDRs, special drawing rights, the value of which is based on a basket of the five major international currencies. These new SDRs, according to IMF rules, are allocated in proportion to each State's quota, reflecting its economic weight. As a result, out of the equivalent of $ 650 billion, emerging and developing countries, which most need financial support in the face of the Covid crisis, only benefit from $ 275 billion. It is for this reason that the heads of state of the rich G7 countries pledged in June to reallocate at least $ 100 billion in SDRs to developing countries. This redistribution must go through a special fund. The operation would amount to almost zero-interest loans,from rich countries to poor countries, we explained to Bercy before the summer.
"Resilience and stability"
"This SDR allocation will benefit all member countries, meet the global need for long-term reserves, boost confidence and strengthen the resilience and stability of the global economy
,
" said
IMF Managing Director Kristalina. Georgieva.
Which confirms continuing
"active exchanges with our member countries in order to determine viable options for a voluntary transfer of SDRs from richer countries to poorer countries"
.
