{"id":1222,"date":"2021-06-23T14:59:12","date_gmt":"2021-06-23T14:59:12","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=1222"},"modified":"2021-06-23T14:59:12","modified_gmt":"2021-06-23T14:59:12","slug":"imfs-sdr-cash-will-still-leave-poorest-nations-short-sp-says","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/economy\/imfs-sdr-cash-will-still-leave-poorest-nations-short-sp-says","title":{"rendered":"IMF\u2019s SDR cash will still leave poorest nations short, S&P says"},"content":{"rendered":"

AfricaPress-mozambique:<\/strong> The world\u2019s poorest countries will still require nearly $200 billion to restock depleted reserves after an imminent injection of new money from the International Monetary Fund, credit rating agency S&P Global has estimated.<\/p>\n

The IMF is putting the finishing touches on a record $650 billion allocation of its Special Drawing Right quasi-reserve asset as part of efforts to help low-income countries hard hit by the COVID-19 crisis.<\/p>\n

Because the IMF\u2019s cash gets divided between all its countries, including rich ones, only 7% or $42 billion will go to the 44 poorer nations with the lowest S&P sovereign credit rating scores.<\/p>\n

It would still be enough to restore the financial reserves of Zambia, Jordan, El Salvador, Benin and Togo to adequate levels \u2013 roughly defined as enough to cover three months of imports, all short-term external debt payments or 20% of the money circulating in the economy, S&P said.<\/p>\n

An additional two of the 44 \u2013 Democratic Republic of Congo and Suriname \u2013 would see at least one of three reserve adequacy measures restored.<\/p>\n

Nevertheless, another $189 billion would be required to bring the reserves of all remaining \u2018B+\u2019 rated countries up to adequate levels, although that did include the likes of Turkey too.<\/p>\n

There is a potential solution. The United States and other Group of Seven nations are considering redistributing $100 billion of the $280 billion they will get from the new SDR handout. If all richer countries are included, it goes up to nearly $440 billion.<\/p>\n

\u201cWe calculate a reallocation of an estimated 42% of wealthy country SDR allocations to low-income countries (LIC).. would be what it would take to bring the reserve levels in all rated LIC up to complete reserve adequacy,\u201d S&P said.<\/p>\n

Seven countries \u2013 Burkina Faso, Mozambique, Kenya, Bolivia, Congo Republic, Belize, and Suriname \u2013 would need less than $1 billion each to shore up their reserves.<\/p>\n

Fund managers see the SDR overhaul as a boost for low-income economies without relieving financial pressures altogether.<\/p>\n

Many of these countries\u2019 borrowing costs have come down sharply since last year\u2019s initial COVID-19 panic, meaning there was less room for positive catalysts, said Aaron Grehan, deputy head of emerging market debt at Aviva Investors.<\/p>\n

\u201cBy far the most important factor for us \u2026 is the IMF, not with regards to SDRs but with specific programmes for specific countries \u2013 that\u2019s where we\u2019re likely to see the drivers of better investment opportunities,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-mozambique: The world\u2019s poorest countries will still require nearly $200 billion to restock depleted reserves after an imminent injection of new money from the International Monetary Fund, credit rating agency S&P Global has estimated. The IMF is putting the finishing touches on a record $650 billion allocation of its Special Drawing Right quasi-reserve asset as […]<\/p>\n","protected":false},"author":84,"featured_media":1223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[262,508],"class_list":["post-1222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-covid-19","tag-imf"],"yoast_head":"\nIMF\u2019s SDR cash will still leave poorest nations short, S&P says - Mozambique<\/title>\n<meta name=\"description\" content=\"The world\u2019s poorest countries will still require nearly $200 billion to restock depleted reserves after an imminent injection of new money\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/economy\/imfs-sdr-cash-will-still-leave-poorest-nations-short-sp-says\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF\u2019s SDR cash will still leave poorest nations short, S&P says\" \/>\n<meta property=\"og:description\" content=\"The world\u2019s poorest countries will still require nearly $200 billion to restock depleted reserves after an imminent injection of new money\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/economy\/imfs-sdr-cash-will-still-leave-poorest-nations-short-sp-says\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-23T14:59:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/06\/imf.fr_.r-800x510-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"510\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/economy\/imfs-sdr-cash-will-still-leave-poorest-nations-short-sp-says#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/economy\/imfs-sdr-cash-will-still-leave-poorest-nations-short-sp-says\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF\u2019s SDR cash will still leave poorest nations short, S&P says\",\"datePublished\":\"2021-06-23T14:59:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/economy\/imfs-sdr-cash-will-still-leave-poorest-nations-short-sp-says\"},\"wordCount\":412,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/economy\/imfs-sdr-cash-will-still-leave-poorest-nations-short-sp-says#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/06\/imf.fr_.r-800x510-1.jpg\",\"keywords\":[\"COVID-19\",\"IMF\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/economy\/imfs-sdr-cash-will-still-leave-poorest-nations-short-sp-says#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/economy\/imfs-sdr-cash-will-still-leave-poorest-nations-short-sp-says\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/economy\/imfs-sdr-cash-will-still-leave-poorest-nations-short-sp-says\",\"name\":\"IMF\u2019s SDR cash will still leave poorest nations short, S&P says - 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