Sundaymail Editor
Online Reporter
THE African Development Bank (AfDB) has called on the International Monetary Fund (IMF) to reconsider the allocation of special drawing rights (SDRs), which appear to be more concentrated towards those who need them the least.
AfDB president Dr Akinwumi Adesina told African ambassadors in the United States of America to engage with the donor community to push for equitable distribution of global resources.
“Your advocacy with donor countries, especially the United States Treasury, and the mobilisation of strong support for this is crucial,” said Dr Adesina.
The recent IMF allocation of SDRs, he said, was a missed opportunity.
“The recent issuance of US$650 billion special drawing rights (SDRs) by the IMF offered another unique opportunity to support countries going forward.
“Africa, the least resourced region to tackle the continual effects of the Covid-19 pandemic, only stands to receive US$31 billion out of US$650 billion in SDRs.”
Dr Adesina suggested that developed countries re-allocate some of their allocations to developing African countries, as France did when it donated 2 percent of its SDR allocation to Africa.
Zimbabwe received US$961 million.
Online Reporter