IMF grants Serbia 627 million worth of Special Drawing Rights

The International Monetary Fund has allocated to Serbia 627.6 million worth of special drawing rights, which is equivalent to around 890.22 mln dollars or 759.71 mln euros, the National Bank of Serbia’s Vice Governor, Ana Ivkovic, told Tanjug news agency on Tuesday.

It is quite a large amount, considering that Serbia’s quota in the IMF is 0.14 pct, Ivkovic said.

She added the IMF had on Monday distributed 95.8 pct of its total allocation of 650 bln dollars of SDR, which the IMF Board of Governors had approved to underpin the liquidity of its member states and their fight against the coronavirus pandemic and its fallout.

When it comes to the use of these funds, Ivkovic says that each country is free to use them according to its possibilities. “They can be used to boost the country’s foreign currency reserves, to repay expensive debts or to enter the international market,” she added.

During the crisis, the IMF has again demonstrated it is not only a “policeman” but also an institution looking after global finances, Ivkovic said, adding that a proposal to allocate SDR had only received major backing this year after also being discussed in 2020.

(B92, 24.08.2021)




This post is also available in: Italiano

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