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Browsing: Impact of IMF loans on developing countries
- The IMF’s support fund refers to the designated Special Drawing Right (SDR), which serves as an international reserve asset to supplement the official reserves of its member nations.
- It represents a potential claim on the members’ freely usable currencies, primarily intended to provide liquidity to a nation in the event of an economic crisis.
- As of September, Kenya’s SDR quota at the IMF stood at US$542.8 million, equivalent to KSh91.8 billion.
Leaders from developing countries continue to pursue the implementation of the proposed re-channeling of the IMF’s support fund through development banks, aiming for affordability and increased impact scale.
This was evident on the sidelines of the recent COP28 summit, where African leaders emphasized the acceleration of the process towards realizing the proposal. The summit took place between November 30 and December 12 last year in Dubai.
Proposal: IMF’s support fund to come through AfDB
African Development Bank (AfDB) Group …
