Kristalina Georgieva<\/a>, IMF\u2019s Managing Director said in a tweet<\/p>\nShe called on these countries to use these allocations in a responsible and wise manner, in the interest of all citizens.<\/p>\n
IMF Yemen<\/h2>\n
IMF\u2019s Board of Governors had agreed to provide the largest support in its history to the equivalent of $650 billion in Special Drawing Rights units (456 billion units), to help countries deal with the growing repercussions resulting from the COVID-19 pandemic.<\/p>\n
Al-Shabikat indicated that the SDR allocation will boost Yemen’s hard currency reserves by more than 70%, and provide support to a much-needed country to face the crisis, including the population’s urgent food and medical needs.<\/p>\n
The battles between the Saudi-led coalition and the Iranian-backed Houthis for more than six years have exhausted foreign exchange reserves in Yemen, which imports most of its goods.<\/p>\n
More than 80% of the population depends on aid.<\/p>\n
To be able to spend the SDR, countries must exchange them for a hard currency, and this requires finding a country willing to participate in the swap.<\/p>\n
SDRs it is an international reserve asset created by IMF in 1969 to be a supplement to the official reserves of its member countries.<\/p>\n
The total amount of allocations distributed so far is 660.7 billion units (equivalent to $943 billion).<\/p>\n
The value of the SDRs is determined according to a basket of five currencies: the US dollar, the euro, the Chinese yuan, the Japanese yen, and the British pound.<\/p>\n
IMF is a specialized agency of the Bretton Woods system of the United Nations, established by an international treaty in 1944 to work to promote the health of the global economy.<\/p>\n
The Fund is headquartered in Washington, D.C., and is managed by its 189 members who include nearly every country in the world.<\/p>\n","protected":false},"excerpt":{"rendered":"
IMF will grant Yemen $665 million in special drawing rights, according to the statements of the regional representative of the Fund for Yemen, Ghazi Al-Shbeikat. This will contribute to alleviating the severe economic and humanitarian crisis in Yemen, resulting from the ongoing war. \u201cToday, IMF member countries receive their shares of the new $650 billion […]<\/p>\n","protected":false},"author":4,"featured_media":206758,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278],"class_list":["post-206757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured"],"yoast_head":"\n
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