G7 finance ministers agree to support new IMF allocation of SDRs: Oxfam reaction

Published: 19th March 2021

Responding to the announcement that the G7 finance ministers will back a new allocation of Special Drawing Rights (SDRs) by the International Monetary Fund (IMF), Nadia Daar, Head of Oxfam International’s Washington DC Office, said: 

"This explicit agreement from the G7 finance ministers to support a new significant injection of funds to countries in need around the world is extremely welcome news. 

"The needs are massive —we believe up to $3 trillion in SDRs is required. We urge the IMF shareholders to approve as much as possible, as quickly as possible. 

"There is no time to waste. Low-income countries, and even many middle-income ones are in desperate need of funds to fight COVID-19 and the economic devastation it has brought in its wake. A new SDR allocation will provide welcome financial respite from the crisis.

"Rich governments should not stop there but use this opportunity to increase aid commitments and provide further debt relief."

Contact information

Annie Thériault in Canada | annie.theriault@oxfam.org | +51 936 307 990 

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