THE COLLABORATION I’M MOST PROUD OF

Kristalina Georgieva

MANAGING DIRECTOR, IMF

In August 2021, the 190 member countries of the International Monetary Fund—working together to tackle the pandemic, a crisis like no other—delivered an achievement like no other: a historic $650 billion injection of Special Drawing Rights (SDRs) to help the global economy, and especially nations that are suffocating amid COVID-19 lockdowns.

SDRs are an economic asset created by the IMF to strengthen countries’ foreign-exchange reserves. A new allocation of them is rare; the last one, in 2009, was aimed at recovery from the global financial crisis. Most people don’t know what SDRs are, but millions benefit from their existence. Put simply, the IMF distributes additional reserves to its members because it relies on their collective strength. Reflecting the unprecedented crisis, 2021’s was the largest allocation of SDRs ever. Countries are using the funds to help meet vital needs in this pandemic, from Senegal increasing vaccine production capacity to Haiti financing critical imports.

So how did we make it happen? First, we worked with all our members. With so many countries, agreement requires intensive dialogue and diplomacy. It is a tribute to the spirit of cooperation that we all concluded this was the right thing to do at the right time to help the entire world.

Second, we worked with other international institutions. This includes development banks like the African Development Bank with the regional expertise and capacity to help ensure the SDRs “hit the ground most effectively,” as its president, Akinwumi Adesina, has said.

Third, we worked with wealthier members to amplify the benefits of the SDRs, which are allocated by countries’ shares in the IMF. While about $275 billion went to emerging and developing nations—with new SDRs amounting to as much as 6%