“Let me be very clear. The UK wants to redistribute some of its SDRs through AfDB,” said Vicky Ford, Deputy Director of the UK Office for Foreign Affairs, Commonwealth and Development, at ADB’s annual meetings. Accra until Friday.
The African Development Bank (ADB) is seeking permission from the International Monetary Fund (IMF) to redistribute SDRs, which, according to the bank, is the only way to quadruple the amount.
Of the $ 650 billion, $ 33 billion (approximately .6 27.6 billion) was received by the African continent, with nearly $ 545 billion provided by the IMF in SDRs to help economies recover from the epidemic. , But this amount is not enough to meet the needs of Africa. , So some developed countries have agreed to redistribute a portion of their SDR, which is not yet operational.
Today, WikiFord explained that in order for it to be possible to reassign some of its SDRs through ADB, the UK and other allies need to design mechanisms that would allow them to comply with legal requirements.
“This is tricky. By law, we can not just send SDRs to ADB, we need a group of countries to do that. So we in the UK are encouraging other countries to join. Who cares about encouraging other countries to do the same,” he said.
The official recalled that the European Central Bank had restrictions that “can make things harder for some countries in the eurozone”, but said there were ways to address these difficulties.
“I know the European Parliament well. It can take a long time to make a decision. But when they want, I know they can do it very quickly, so I hope they see ways to do it quickly,” he pleaded.
AfDB is a multilateral financial institution whose partners are African governments and other regional countries such as Portugal.
Henry Blackwell is a contributor at Mediarunsearch.co.uk, covering a wide range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on delivering clear, balanced reporting and useful information that helps readers stay informed about current events and emerging developments. His work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism.