Africa: 58 billion US dollars committed by the IMF's multilateral fund out of the 100 billion : Orishas-finance

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Africa: 58 billion US dollars committed by the IMF's multilateral fund out of the 100 billion

13/12/2021

Source : ORISHAS FINANCE

Categories: Economy/Forex General Information

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Africa: 58 billion US dollars committed by the IMF's multilateral fund out of the 100 billion

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Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said Africa's share of Special Drawing Rights does not match its needs. And to add that these international reserve assets were created in 1969 by the financial institution to supplement the official foreign exchange reserves of the contributing States.

To date, 660.7 billion SDRs (the equivalent of approximately 943 billion US dollars) have been allocated by the International Monetary Fund. African Heads of State recently called for a reallocation of 100 billion US dollars of SDRs to Africa while 58 billion dollars has already been committed by the multilateral fund.

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