SDRs after the Second Amendment
Not only SDRs, but the IMF itself enjoyed prospectively greater powers in the late 1970s. These were illusory, however, as responsibility for liquidity provision, particularly for the creditworthy, was driven by the private sector. But as the twenty‐first century dawned, the needs of the international monetary system were very different. At the 2009 G20 meetings, the Fourth Amendment to the IMF Articles of Agreement was finally adopted, resulting in an SDR allocation for new IMF members. More importantly, a ‘special’ SDR allocation of $250 billion in SDRs was a crucial component of the global response to the international financial crisis. The SDR—and indeed IMF—were back at the top of the international economic agenda.
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