The Rockefeller Foundation thanks the International Monetary Fund’s Board of Governors for its approval yesterday of a general allocation of $650 billion in Special Drawing Rights (SDRs). Right now, too few countries have the necessary liquidity to respond to the health and economic crises created by the Covid-19 pandemic. Thanks to the bold leadership of President Kristalina Georgieva and the support of shareholder nations, the IMF has now taken the decisive action necessary to provide billions of dollars to help the world respond to and recover from Covid-19.
The next step is for advanced economies to meet this moment. They should recycle their new SDR allocations to provide the resources developing nations need to vaccinate and revaccinate their populations at sufficient levels and restart their economies. Doing so would constitute a historic act of statesmanship, one that provides not just a much needed jolt of liquidity but also a boost to the cause of multilateralism. The IMF’s action this week is another important step, one that demonstrates the world can together take the bold actions necessary to finally end this pandemic for everyone.