The writer is the governor of the People’s Bank of China
The IMF has taken many measures to help its member countries combat the economic impact of Covid-19. Yet, despite repeated discussion, one idea that remains untapped is a new issue of IMF special drawing rights. That is a mistake. A general allocation of SDRs, which are sometimes called “liquid gold” and can be created with the stroke of a pen, is the missing piece in IMF’s crisis response.
That is especially true when it comes to emerging markets and the developing world, which are especially vulnerable to the pandemic. These countries face not only a public health crisis, but also multiple economic and financial challenges. The world cannot afford to leave them behind.
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