The International Monetary Fund announced on Saturday that Iraq’s share of the IMF’s Special Drawing Rights amounted to more than $2 billion.
The International Monetary Fund announced that Special Drawing Rights (SDRs) were effective for all 190 members, equivalent to about $650 billion, on August 23, 2021.
The fund said in a report seen by Shafak News Agency; “Iraq’s share of the IMF’s Special Drawing Rights amounts to 1.594,700,000 billion units, equivalent to two billion and 264 million and 742 thousand dollars out of its financial share in the fund of 0.35%,” noting that “these financial allocations to Iraq came in accordance with its current shares in the Fund.” .
The fund indicated that “this allocation will benefit all members to address the long-term global need for reserves, build confidence, enhance the resilience and stability of the global economy, and will especially help the most vulnerable countries struggling to deal with the impact of the COVID-19 crisis.”
The International Monetary Fund, under its founding agreement, may distribute allocations from the Special Drawing Rights to member countries in proportion to their membership quotas, and this distribution allows each member country to obtain an international reserve asset without cost or conditions.