| dc.description | African Ministers of Finance, Planning, and Economic Development have called for reforms of the IMF’s Special Drawing Rights (SDR) system to strengthen the global financial safety net and make more liquidity available to developing countries. Hanan Morsy, Deputy Executive Secretary and Chief Economist of the Economic Commission for Africa explained the reforming IMF Special Drawing Rights (SDRs) allocation and re-channeling about the meeting of the Africa High-level Working Group on Global Financial Architecture (HLWG) on the margins of the AfDB annual meetings 22 May, Sharm El-Sheikh, Egypt on Reforming IMF’s SDRs allocation and re-channeling mechanism with Africa Ministers of Finance, Planning, and Economic Development, ECA African Union, AfDB, Afreximbank, and IMF. Based on her explanation the IMF’s special drawing rights are intended to meet Global liquidity needs. However, when they get assigned based on a country's economic size and financial position. So, they don't end up going where they are most needed. one of the proposals that were put forward and endorsed by the ministers is the need to make this allocation formula take to account a country-specific liquidity need in addition to IMF quotas. | en |
