President Muhammadu Buhari
President Muhammadu Buhari has called for the reallocation of unused International Monetary Fund (IMF) reserve assets, also known as Special Drawing Rights (SDRs), to support recovery efforts in developing economies.
The President, represented by Vice President Yemi Osinbajo, made the submission on Tuesday at the virtual high-level meeting of Heads of State and Government on financing the 2030 Agenda for Sustainable Development in the era of COVID-19 and beyond.
According to a statement by Osinbajo’s spokesman, Laolu Akande, the SDR, currently held by developed countries, is an international reserve asset created by the IMF to supplement its member-countries’ official reserves.
The facility was designed to help in stabilising the global economy during financial shocks and IMF member-countries had previously contributed to make up the reserve totaling about $204billion.
Since the global financial shocks that followed the COVID-19 pandemic, some…
Source: Guardian Newspaper
