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."