G20 signals support for new allocation of IMF Special Drawing Rights: Oxfam reaction

Published: 26th February 2021

Responding to a press release issued by the G20 Presidency today signalling support for a new allocation of Special Drawing Rights (SDRs), Nadia Daar, Head of Oxfam International's Washington DC office, said: 

“After nearly a year of deadlock and pandemic, Oxfam is encouraged that the G20 is paving the path toward an issuance of International Monetary Fund (IMF) SDRs to boost global liquidity.  

“A fresh injection of SDRs would bring the much-needed resources countries need to avoid spiralling into deeper debt and growing in hunger and poverty. SDRs don’t need to be repaid and would be especially helpful for the world’s poorest countries struggling to cope with the COVID-19 economic crisis.  

“IMF shareholders must act urgently and decisively to approve a new SDR allocation at the Spring meetings in April. We need stronger collaboration between countries and an ‘all things necessary’ strategy to tackle this slowly-exploding economic crisis, including cancelling debt and increasing aid. Allocating new SDRs is a way through which the rhetoric of cooperation can be made real and help the lives of millions of people.”  

Notes to editors

An SDR allocation of $3 trillion would provide low-income countries with $117 billion. The IMF has estimated that Sub-Saharan Africa alone is facing a financing gap of up to $410 billion between 2020 and 2023. 

In an open letter, Oxfam and more than 200 other civil society groups urged the G20 to back a significant issuance of SDRs to help countries weather the COVID-19 pandemic. Find out more about why the world is calling for a new SDR allocation

The World Bank and IMF 2021 Spring Meetings will take place virtually from Monday, April 5, through Sunday, April 11, 2021. 

Contact information

Annie Thériault in Lima, Peru | annie.theriault@oxfam.org | +51 936 307 990 

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