IMF allocates new SDR tranche, Sri Lanka quota 578mn

Sri Lanka
By Editor_1
Kristalina Georgieva, Managing Director, IMF said the SDR allocation will particularly help the most vulnerable countries struggling to cope with the impact of the COVID-19 crisis - worldfinance.com
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COLOMBO – The International Monetary Fund (IMF) has allocated 650 billion unconditional special drawing rights (SDR)to all members which can be counted as foreign reserves in a country and exchanged for usable currencies, with Sri Lanka eligible to get 578 million or about US$  816 million at current rates.

The IMF is also warning members not to use the SDR allocation to delay reforms.

“The allocation is a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis,” Kristalina Georgieva, Managing Director IMF said in a statement.

“The SDR allocation will provide additional liquidity to the global economic system – supplementing countries’ foreign exchange reserves and reducing their reliance on more expensive domestic or external debt. Countries can use the space provided by the SDR allocation to support their economies and step up their fight against the crisis.

“SDRs are being distributed to countries in proportion to their quota shares in the IMF.”

Sri Lanka’s quota is 578 million special drawing rights or about US$ 816 million at current rates.

The SDR is a reserve asset that pays interest but also has a double-entry allocation which is a liability on which interest is paid.

“It is important to recognize that the allocation is not a transfer of wealth,” the IMF said, explaining, “..[T]he allocation of SDRs involves an increase in assets (holdings) and a matching increase in long-term liabilities (allocation), so no transfer of wealth occurs.”

If the SDRs are used (converted to a usable currency) it is similar “to a drawdown of an outstanding credit line that, once used, will affect a member’s debt sustainability.”

The IMF said the quota allocation should not be used to delay economic corrections.

The “allocation should not delay needed macroeconomic adjustments and reforms nor substitute for debt restructuring, if the debt is assessed as unsustainable.

The allocation leads to a rise in gross reserves according to IMF data standards and but not net reserves if long term the liability is deducted.

Sri Lanka’s gross official reserves were down to US$ 3.8 billion by July. Sri Lanka’s has lost reserves steadily due to liquidity injections, which are redeemed against reserves. A central bank is a note-issuing bank that has a monopoly.

-economynext.com

 

Editor_1
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