The summit statement will contain pledges to adopt expansionary policies, avoid protectionism and mobilise the IMF and multilateral development banks to help the weakest countries. A large, one-time allocation of SDR would do most to address these issues.

Special drawing rights are assets and liabilities of the Fund provided to each member in proportion to its quota share in the institution. A member receiving SDR can transfer some or all of its allocation to another member country and receive credit in a convertible currency to spend on its domestic or international needs. The interest rate on this credit is now about 0.6 per cent – a good deal for most countries.

Approval of an SDR allocation requires an 85 per cent majority vote of the IMF membership. The US Treasury secretary can vote for an SDR allocation of up to $250bn (€199bn, ￡178bn) – or larger, if he consults with key members of Congress 90 days before he casts his vote. Thus, the actual allocation could occur by mid-summer, sooner than other crisis-mitigation measures would take effect.