Time - USA (2022-01-31)

56 TIME January 31/February 7, 2022

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This SDR

allocation

is a historic

example

of global

collaboration

at its best:

countries

coming

together to help

each other

its members because it

relies on their collective

strength. Refl ecting 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 fi nancing 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

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
fi nancial crisis. Most
people don’t know what
SDRs are, but millions
benefi t from their
existence. Put simply,
the IMF distributes
additional reserves to

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 benefi ts

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% of GDP

for some—the most

vulnerable need more.

That’s why we urge

members with strong

reserves to voluntarily

channel SDRs to

poorer countries.

IMF members also

established a trust

through which

SDRs can help

vulnerable countries

not only recover but

also build forward

better, addressing

crucial challenges like

climate change.

This SDR allocation

is a historic example

of global collaboration

at its best: countries

coming together to help

each other-—and to

help people—in a time

of need.

At its heart, the

pandemic is a crisis of pandemic is a crisis of

solidarity and sharing solidarity and sharing

of data and information, of data and information,

biological samples, and biological samples, and

resources and tools. resources and tools.

COVID-19 has shown COVID-19 has shown

the importance of rapid the importance of rapid

and broad sharing of and broad sharing of

information about information about

pathogens for effective pathogens for effective pathogens for effective

surveillance and the surveillance and the

timely development timely development

of medical- of medical- response response

products such as diag-products such as diag-

nostics, therapeutics nostics, therapeutics

and vaccines. and vaccines.

A great deal of A great deal of

pathogen sharing is pathogen sharing is

done on an ad hoc basis done on an ad hoc basis

and bilaterally, which and bilaterally, which

risks leaving out some risks leaving out some

countries and may countries and may

mean that dangerous mean that dangerous

emerging pathogens emerging pathogens

are missed. That’s why are missed. That’s why

we set up two new we set up two new

hubs: one to allow our hubs: one to allow our

194 member states to 194 member states to

voluntarily share novel voluntarily share novel

biological materials, biological materials,

and another to detect and another to detect

new events with new events with

pandemic potential pandemic potential

and monitor disease-and monitor disease-

control measures in control measures in

real time. Both hubs real time. Both hubs

will be key to preparing will be key to preparing

for and responding to for and responding to

future epidemics and future epidemics and

pandemics. pandemics.

Once a signal is Once a signal is

detected, as well as detected, as well as

responding to curtail responding to curtail

spread, it’s important spread, it’s important

to develop critical to develop critical

health tools and share health tools and share

them effectively. them effectively.

In April 2020, WHO, In April 2020, WHO,

the European Commis-the European Commis-

sion, France, and the sion, France, and the

Bill and Melinda Gates Bill and Melinda Gates

Foundation formed the Foundation formed the

Access to COVID-19 Access to COVID-19

Tools (ACT) Accel-Tools (ACT) Accel-

erator to speed up erator to speed up

the development and the development and

production of COVID-19 production of COVID-19

tests, treatments and tests, treatments and

vaccines, and ensure vaccines, and ensure

equitable access to equitable access to

them. Raising billions them. Raising billions

of dollars, it has helped of dollars, it has helped

improve access to new improve access to new

health tools globally. health tools globally.

But narrow But narrow

nationalism and nationalism and

hoarding by some hoarding by some

countries have countries have

undermined equity undermined equity

and created the ideal and created the ideal

conditions for the conditions for the

DIRECTOR-GENERAL,

WORLD HEALTH

ORGANIZATION

THE

COLLABORATION

I’M MOST

PROUD OF

Leaders from the

worlds of policy,

business, the

arts and advocacy

share their

most powerful

partnerships

Kristalina
Georgieva
MANAGING
DIRECTOR, IMF

V I E WP O I N T S