The Financial Times shares the global development finance ideas of our CEO, Mark Henstridge.
There will be an issue of USD 650 billion worth of new Special Drawing Rights (SDRs) by the IMF. The Financial Times’s Martin Wolf argues that these new SDRs should be used “to support governments that have credible plans to recover lost development ground”. In a letter published in the paper, our CEO, Mark Henstridge, responds with an innovative idea for using SDRs to “help the poorest, most vulnerable and hardest-hit countries in the world”.
His pioneering suggestion highlights how using SDRs to finance the replenishment of the World Bank’s International Development Association (IDA) would free up the aid cash that would otherwise have been used for this purpose, in principle making it available to finance global vaccinations, and other priorities in the recovery from the impact of the pandemic.