ABSTRACT

International Monetary Fund: Special Drawing Rights Allocation [May 19, 2021]   [open pdf - 489KB]

From the Document: "Special Drawing Rights (SDRs) are international reserve assets created by the International Monetary Fund (IMF) to supplement member countries' official foreign exchange reserves. In response to the health and economic effects of the Coronavirus Disease 2019 (COVID-19) pandemic, the G-20 [Group of Twenty] finance ministers in April 2021 announced their support for an SDR allocation worth approximately $650 billion. (While the IMF has not announced an exact number, an allocation of such size would be approximately SDR 448.5 billion.) This would be the first such allocation since the global financial crisis of 2008-2009. Some Members of Congress have sponsored legislation calling for a substantially larger SDR allocation (H.R. 986; S. 67). Other Members have expressed concerns about the SDR allocation and sponsored legislation to strengthen congressional oversight and authority over U.S. support for SDR increases (H.R. 1513; H.R. 1568)."

Report Number:
CRS In Focus, IF11835
Author:
Publisher:
Date:
2021-05-19
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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