{"id":18035,"date":"2023-05-27T11:37:41","date_gmt":"2023-05-27T11:37:41","guid":{"rendered":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs"},"modified":"2023-05-27T11:58:56","modified_gmt":"2023-05-27T11:58:56","slug":"african-ministers-push-for-change-in-allocation-of-sdrs","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs","title":{"rendered":"African ministers push for change in allocation of SDRs"},"content":{"rendered":"

Africa-Press – Sierra-Leone. <\/strong><\/span>African ministers are pushing for access to more Special Drawing Rights (SDRs) at the International Monetary Fund to deal with liquidity challenges.<\/p>\n

The ministers gathered in Sharm el Sheikh, Egypt, this past week for the 2023 Annual Meetings of the African Development Bank Group called for channelling of SDRs to multilateral development banks.<\/p>\n

At a side meeting dubbed the Africa High-level Working Group on the Global Financial Architecture, they, however, acknowledged that the proposal will need to be accepted by the rich countries.<\/p>\n

\u201cThere is an urgent need for reforms and I really think we need to make sure that 2023 is the year of action,\u201d said Hanan Morsy, deputy executive secretary and chief cconomist at the Economic Commission for Africa (ECA).<\/p>\n

\u201cThe current system does not benefit African countries who most need these SDRs.\u201d<\/p>\n

SDRs are special allotments available to IMF member countries enabling them to access certain values in cash.<\/p>\n

Launched in 1968, they were meant to supplement official reserves and enable liquidity.<\/p>\n

Every five years, the IMF provides new allocations in a timeline known as the \u201cbasic period.\u201d<\/p>\n

The SDRs can also be allocated during “unexpected major developments\u201d although there is little clarity on what this means.<\/p>\n

IMF has so far only provided allocations under unique circumstances twice, in 2009 and 2021. Experts say global shocks required more frequent allocations.<\/p>\n

A high-level working group \u2013 coordinated by the ECA, African ministers of finance, the African Union, the AfDB, Afreximbank, the World Bank and IMF \u2013 will work on the proposals \u201cfor the global financial architecture and strengthen the African voice on the global stage,\u201d says a dispatch from the meeting.<\/p>\n

Morsy said the debate is long overdue but countries have to draw lessons from recent shocks.<\/p>\n

She argued that available value to poor countries has been less than their need, partly because the distribution follows country quotas in the IMF.<\/p>\n

In 2021, at the height of Covid-19, Africa received less funds than Germany. And 70 percent of the $650 billion allocated SDRs went to rich countries, which didn\u2019t utilise them.<\/p>\n

This week, the AfDB, which was holding annual meetings to discuss private financing for programmes against climate change, said Africa\u2019s survival depends on access to financing.<\/p>\n

\u201cWhat is the prescription for dealing with climate change? Three things. Finance, finance, and more finance,\u201d said Dr Akinwumi Adesina, the AfDB president, referring to the task of transforming technology to combat climate change.<\/p>\n

\u201cThat’s all that matters. We are the institution with the highest level of diversification of resources for adaptation of any multilateral development bank globally. And that’s because we realise that’s the challenge that Africa faces. But we know \u2013 and that’s why we’re here today \u2013 that public financing alone is not going to be enough. We need the private sector.\u201d<\/p>\n

At the High-Level Presidential Dialogue looking at the changing global financial architecture and the role of multilateral development banks, the ministers admitted to a shortage of funding options which limits transformation.<\/p>\n

Tanzanian Vice-President Philip Mpango, and a former finance minister, said the lending system must adjust from the initial structure of the 1940s because of frequent external shocks.<\/p>\n

\u201cWe have to revisit the financial architecture to reflect this change. But not only that. The agenda was different at that time. The focus was on reconstruction after the second World War. We have now a new set of challenges facing the globe. We have environmental challenges, we have natural calamities, we have food insecurity, we have pandemics, debt dynamics and, more recently, geopolitical tensions, and even worse. If you combine all these, we need to revisit the entire architecture of the multilateral financing institution,\u201d he said.<\/p>\n

Africa wants to reduce the discretionary and political nature of the SDR allocation process at the IMF.<\/p>\n

The ministers say the \u201cUnexpected Major Developments\u201d provision needs to be clarified and operationalised to include triggers such as force majeure exogenous shocks such as pandemics and natural disasters, global recessions, and significant capital flow reversals from emerging and developing economies.<\/p>\n

Edouard Ngirente, Prime Minister of Rwanda, suggested local diversification in the capital markets.<\/p>\n

\u201cWe are living in a world with competing needs and now we are suffering from external shocks, although it is not in our control. So, it means that development financing will have as a country will have to come from two different parts. One is the development goals; the other part is to fix the problems coming out of external shocks.\u201d<\/p>\n

\u201cWhat African countries do? They have to translate all those ideas into action. Our African development banks must increase their financial muscle so that they can finance a big chunk of our growing challenges. Increasing that needs professional financing which means going to the markets.\u201d<\/p>\n

For More News And Analysis About Sierra-Leone<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Sierra-Leone. African ministers are pushing for access to more Special Drawing Rights (SDRs) at the International Monetary Fund to deal with liquidity challenges. The ministers gathered in Sharm el Sheikh, Egypt, this past week for the 2023 Annual Meetings of the African Development Bank Group called for channelling of SDRs to multilateral development […]<\/p>\n","protected":false},"author":84,"featured_media":18034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[291,293,292],"class_list":["post-18035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-sierra-leone","tag-sierra-leone"],"yoast_head":"\nAfrican ministers push for change in allocation of SDRs - Sierra Leone<\/title>\n<meta name=\"description\" content=\"African ministers are pushing for access to more Special Drawing Rights (SDRs) at the International Monetary Fund to dea ...\" \/>\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\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"African ministers push for change in allocation of SDRs\" \/>\n<meta property=\"og:description\" content=\"African ministers are pushing for access to more Special Drawing Rights (SDRs) at the International Monetary Fund to dea ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs\" \/>\n<meta property=\"og:site_name\" content=\"Sierra Leone\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-27T11:37:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-27T11:58:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/05\/sm_1685176066.629916.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1728\" \/>\n\t<meta property=\"og:image:height\" content=\"1150\" \/>\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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"African ministers push for change in allocation of SDRs\",\"datePublished\":\"2023-05-27T11:37:41+00:00\",\"dateModified\":\"2023-05-27T11:58:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs\"},\"wordCount\":802,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/05\/sm_1685176066.629916.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Sierra-Leone\",\"Sierra-Leone\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs\",\"url\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs\",\"name\":\"African ministers push for change in allocation of SDRs - Sierra Leone\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/05\/sm_1685176066.629916.jpg\",\"datePublished\":\"2023-05-27T11:37:41+00:00\",\"dateModified\":\"2023-05-27T11:58:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"African ministers are pushing for access to more Special Drawing Rights (SDRs) at the International Monetary Fund to dea ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/05\/sm_1685176066.629916.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/05\/sm_1685176066.629916.jpg\",\"width\":1728,\"height\":1150,\"caption\":\"African ministers push for change in allocation of SDRs\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/sierra-leone\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"African ministers push for change in allocation of SDRs\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/#website\",\"url\":\"https:\/\/www.africa-press.net\/sierra-leone\/\",\"name\":\"Sierra Leone\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/sierra-leone\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"African ministers push for change in allocation of SDRs - Sierra Leone","description":"African ministers are pushing for access to more Special Drawing Rights (SDRs) at the International Monetary Fund to dea ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs","og_locale":"en_US","og_type":"article","og_title":"African ministers push for change in allocation of SDRs","og_description":"African ministers are pushing for access to more Special Drawing Rights (SDRs) at the International Monetary Fund to dea ...","og_url":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs","og_site_name":"Sierra Leone","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-05-27T11:37:41+00:00","article_modified_time":"2023-05-27T11:58:56+00:00","og_image":[{"width":1728,"height":1150,"url":"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/05\/sm_1685176066.629916.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"African ministers push for change in allocation of SDRs","datePublished":"2023-05-27T11:37:41+00:00","dateModified":"2023-05-27T11:58:56+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs"},"wordCount":802,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/05\/sm_1685176066.629916.jpg","keywords":["Africa Press","Africa Press-Sierra-Leone","Sierra-Leone"],"articleSection":["all news","economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs","url":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs","name":"African ministers push for change in allocation of SDRs - Sierra Leone","isPartOf":{"@id":"https:\/\/www.africa-press.net\/sierra-leone\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/05\/sm_1685176066.629916.jpg","datePublished":"2023-05-27T11:37:41+00:00","dateModified":"2023-05-27T11:58:56+00:00","author":{"@id":"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"African ministers are pushing for access to more Special Drawing Rights (SDRs) at the International Monetary Fund to dea ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#primaryimage","url":"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/05\/sm_1685176066.629916.jpg","contentUrl":"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2023\/05\/sm_1685176066.629916.jpg","width":1728,"height":1150,"caption":"African ministers push for change in allocation of SDRs"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/african-ministers-push-for-change-in-allocation-of-sdrs#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/sierra-leone\/"},{"@type":"ListItem","position":2,"name":"African ministers push for change in allocation of SDRs"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/sierra-leone\/#website","url":"https:\/\/www.africa-press.net\/sierra-leone\/","name":"Sierra Leone","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/sierra-leone\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/sierra-leone\/wp-json\/wp\/v2\/posts\/18035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/sierra-leone\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/sierra-leone\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/sierra-leone\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/sierra-leone\/wp-json\/wp\/v2\/comments?post=18035"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/sierra-leone\/wp-json\/wp\/v2\/posts\/18035\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/sierra-leone\/wp-json\/wp\/v2\/media\/18034"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/sierra-leone\/wp-json\/wp\/v2\/media?parent=18035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/sierra-leone\/wp-json\/wp\/v2\/categories?post=18035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/sierra-leone\/wp-json\/wp\/v2\/tags?post=18035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}