Reaction to G7 finance minsters' support for Special Drawing Rights

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Responding to the announcement that the G7 finance ministers will back a new allocation of Special Drawing Rights (SDRs) by the IMF, Nadia Daar, Head of Oxfam’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."

https://www.oxfam.org.uk/wagtail/pages/778/unpublish/

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