Public Information Notice: Managing Director Reports to IMF Board of Governors on Possible General SDR Allocation
January 10, 2002


SDR Allocation in the Eighth Basic Period—Basic Considerations
Prepared by the Research and Treasurer's Departments

(In consultation with other Departments)

November 16, 2001

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Contents

  1. Introduction

  2. Framework for Considering General Allocations

    1. Long-Term Global Need
    2. The Role of the SDR

  3. SDR Allocations Made by the Fund

    1. The Allocation of SDRs
    2. The Pattern of SDR Holdings

  4. Long-Term Global Need—Review of Evidence

    1. Projected Reserve Demand
    2. Considerations Relating to Use of SDRs to Supplement Other Reserve Assets
    3. Macroeconomic and Financial Conditions and an Allocation of SDRs

  5. Issues for Discussion

Text Tables:

  1. Allocations of SDRs—Amount and Timing
  2. Ratio of SDR Holdings to Allocations
  3. Worldwide Nongold Reserves, 1970–2005

Text Figures:

  1. Share of SDRs in World Reserves, 1970–2000
  2. SDR Allocations and Holdings by Participants, September 2001
  3. The Mean Ratio of Nongold Reserves to Imports of Goods and Services, 1985–2000
  4. The Median Ratio of Nongold Reserves to Short-Term Debt, 1985–2000
  5. Emerging Market Bond Spread, 1992–2001

Text Boxes:

  1. Seminar on the Future of the SDR
  2. Financial Implications of Acquiring, Holding, and Using SDRs
  3. Proposals for Allocating and Redistributing SDRs
  4. The Fourth Amendment