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Blog Post
April 22, 2022
Global debt has reached an unprecedented high, surpassing levels experienced in the infamous 1980s crisis. For debt-burdened countries, the COVID-19 pandemic has severely impacted their repayment capacity due to increased crisis spending. Low-income countries (LICs) are experiencing the brunt of thi...
Blog Post
April 19, 2022
Has the Modi government accelerated or decelerated poverty reduction? It’s hard to know, as India has effectively stopped measuring poverty. A new World Bank paper using private-sector survey data finds the share of people living below $1.90 per day has been falling, but is higher than we thought, a...
Blog Post
March 31, 2022
The effort to recycle unneeded SDRs from wealthy countries to poor countries was dealt a major setback in an omnibus spending deal recently passed by the US Congress. The final measure failed to include language authorizing the US Treasury to recycle 15 billion SDRs, worth about $21 billion, to the ...
CGD NOTES
March 30, 2022
The IMF is on track to establish its new lending vehicle—the “Resilience and Sustainability Trust (RST)”—that aims to re-channel some $50 billion of newly allocated special drawing rights (SDRs) from rich to developing countries. But there is a catch: the proposed conditions for accessing funds coul...
CGD NOTES
March 08, 2022
Governments have implemented an array of interventions needed to contain the economic impacts of COVID-19. Some of these interventions are not adequately captured in traditional fiscal metrics, such as debt and deficit. One approach to ensuring comprehensive coverage of these interventions and to pr...
Blog Post
March 07, 2022
With Russia’s attack on Ukraine raging and most of the world imposing severe financial sanctions on Russia, attention has turned to whether Russia could use its allocation of special drawing rights to bolster its foreign reserves and finance its war effort. The answer is yes, in principle, but ...
Blog Post
February 23, 2022
On August 23rd, 2021, the IMF allocated $650 billion of Special Drawing Rights to its member countries, in proportion to their quotas. Yet many decried that the distribution of the new allocation was not aimed at those countries that needed it the most. Something had to be done, quickly, t...