SDRs are interest-bearing units of accounts created by the IMF in 1969 to increase the official reserves of member countries. External shocks that have hit the world in the last two years have reversed socioeconomic gains and efforts to protect vulnerable communities in Africa, says Adam Elhiraika, Director of the Macroeconomics and Governance Division at the Economic Commission for Africa .
"We need to reform the G20 Common Framework to make access to international financial markets and debt restructuring effective and inclusive," Elhiraika told IPS in an interview. According to the United Nation Conference on Trade and Development , African countries need more than 200 billion USD to counter the socioeconomic impacts of the COVID-19 pandemic.IPS: Why is it necessary to reallocate SDRs, and how would this reallocation benefit African countries?
Further, the median SDR utilization rates of G7 countries are about 5.9 percent, which means that G7 members alone could potentially reallocate $266 billion of SDRs to vulnerable countries. So, recycling/reallocations of the unused SDRs from countries with strong external positions, such as G7 and G20, could provide much-needed and affordable resources to vulnerable African countries.
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