Azerbaijan, Baku, August 15 / Trend N. Ismayilova /
The IMF's board will allocate special drawing rights (SDRs) worth $250 billion to provide liquidity in the global economic system through replenishment of foreign exchange reserves of the Fund's member-states on August 28, the Fund said.
The decision on allocation was made at the meeting of the IMF's board on Aug.7.
The total allocation of SDRs will be made among the IMF member states, which are participants of the department on special drawing rights (currently, it includes all 186 member states) in proportion to their existing quotas in the fund, which are generally based on their relative amount in the global economy. Azerbaijan joined the IMF on Sep.18, 1992. A quota of Azerbaijan amounts to 160.9 million of Special Drawing Rights in the fund.
Within this allocation, each participating country will receive special drawing rights to the amount of about 74 percent of its quota (accordingly Azerbaijan will receive 119.07 million special drawing rights) and joint distributions for the IMF member-states may hit about $283 billion, compared to current $33 billion dollars (21.4 billion of special drawing rights).
The special allocation will make allocation of special drawing rights more equitable. It will improve the fact that the countries have never received allocation of special drawing rights. The countries joined the Fund after 1981 include more than 1/5 of the current number of members of the fund.
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