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African Union seeks $100bn of IMF’s Special Drawing Rights in major shift

2 years ago
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African Union seeks $100bn of IMF’s Special Drawing Rights in major shift

The African Union, in an updated declaration from the continent’s first climate summit, said at least $100 billion in International Monetary Fund special drawing rights should be redirected to Africa.

It should be channeled through institutions such as the African Development Bank and a group of SDR donors should be formed before COP28, the group said in a statement on Friday.

The IMF should also consider issuing at least $650 billion of new special drawing rights and multilateral development banks should be recapitalized so that they can lend more than $500 billion in concessional finance.

The continent should also seek $30 billion for water projects by 2030, the African Union said.

Tags: African UnionAfrican Union seeks $100bn of IMF’s Special Drawing Rights in major shiftIMFSpecial Drawing Rights
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