The world is in crisis.
Special Drawing Rights can help.
The cost-free and effective tool the world can use to achieve a sustainable recovery.
New: 59 U.S. Congress members urge Biden to support $650 billion issuance in SDRs
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New: 59 U.S. Congress members urge Biden to support $650 billion issuance in SDRs |
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A Global Recovery
We are a coalition calling on the Biden Administration to support a new issuance of at least $650 billion in Special Drawing Rights (SDRs) to help fight hunger, poverty, disease, inequality and climate change around the world.
Hundreds of billions — and possibly trillions — of dollars of financial support is available to assist countries around the world that are fighting the global health, hunger, and economic crises — at zero cost to US taxpayers.
This support can be deployed now — to help save millions of lives and boost the global economy — if the US Treasury takes action to allow another major issuance of SDRs.
SDRs are an international reserve currency created by the International Monetary Fund (IMF). They are uniquely adapted to helping countries cope with the fallout of a global crisis like the one caused by COVID-19.
SDRs are not loans to foreign governments and are issued at no cost to Americans.
“Unless there is a strong effort from international financial institutions to increase countries financial resources and fiscal space, countries will continue to struggle to pay their food and energy import bills, service their debt and increase spending in social protection... we need a new emission of Special Drawing Rights from the International Monetary Fund”
A Historic Allocation
In 2019, the world was hit with an unprecedented crisis in the form of Covid-19. In response a significant allocation of SDRs — $650 billion worth — was issued in August 2021 to be used by countries around the world for much-needed medical supplies, food, and other necessities during the pandemic; and to avoid debt crises, balance of payments crises, and other economic calamities that threatened to push hundreds of millions of people into poverty and hunger.
This allocation proved to be a lifeline for developing countries, and was made possible through the grassroots effort of organizations from all across the country — generating support around SDRs in Congress and paving the way for the largest allocation ever made by the IMF.
But the world is still in crisis!
Humanitarian organizations estimate that approximately 2.5 trillion SDRs will be required to adequately address the global community’s needs. If the US government were to agree to it, another major allocation of SDRs could take place now. The United States — which has a controlling vote at the IMF on SDR-related decisions — needs to join other countries in authorizing this additional issuance.
We’re calling on the Biden Administration to support a new issuance of at least $650 billion Special Drawing Rights — a move that can address rising poverty and inequality, mitigate conflict-driven emergencies (such as the war in Ukraine) and reverse the impacts of the climate crisis and ongoing pandemic.
“There is no answer to the cost-of-living crisis without an answer to the finance crisis. All available rapid disbursement mechanisms at international finance institutions must be reactivated, and a new emission of Special Drawing Rights must be pursued. ”
SDRs Work
Saving Lives. Without US support for additional SDRs, the global public health crisis, hunger crisis, and deepening world recession could needlessly kill millions of people.
Protecting US Economic Interests. The current crises are hurting our trade partners — and ultimately American companies and workers. SDRs provide resources to help countries recover and continue importing US goods.
Promoting Global Security. Economic catastrophe, bankruptcy, and failed states can breed terrorism and political instability and threaten US and global security.
Building on a Record of Success. The IMF’s 2021 issuance of SDRs helped economies recover from the Great Recession and is helping mitigate the effects of the pandemic. SDRs help reduce unemployment, poverty, and suffering. But another issuance will accelerate the recovery.
More Ways to Support the Campaign
Tell Congress to advocate for another allocation
Write your Congress members and tell them to take swift and decisive action to help address global challenges.
Two-pager: quick facts on SDRs
Use this two-page summary to spread the word about how SDRs can be a part of a global response crises.
Social media
Use the hashtag #GlobalCrisisRelief on social media