IMF’s special drawing rights should be used to aid Africa, says Mo Ibrahim
A proposed $500bn SDR allocation was blocked in April by the IMF’s biggest shareholder, the US
London/Abuja — Poor African nations should be allowed to borrow more from the International Monetary Fund’s (IMF’s) reserves to help mitigate the economic effect of the coronavirus pandemic, according to Sudanese billionaire Mo Ibrahim.
“There’s a lot of goodwill but where is the beef?” Ibrahim said in an interview during the virtual Bloomberg Invest Conference on Wednesday. “We are here waiting for the IMF to deploy this very powerful tool they have, which is the special drawing rights (SDR). That needs to be done.”..