A No-Brainer for Global Growth and US Jobs
With global growth slowing and many developing countries facing debt crises, the world needs another infusion of the International Monetary Fund’s reserve asset. But while the benefits would be far-reaching and free of risk, the US Treasury has been standing in the way.
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NEW YORK – In August 2021, the International Monetary Fund issued $209 billion to developing countries in the form of special drawing rights (the IMF’s reserve asset). SDRs are much like cash, because recipient governments can convert them to hard currency. As such, they are a highly effective tool, and the IMF can and should make greater use of them.