Sri Lanka is now eligible to draw 578 million Special Drawing Rights following the approval of the Board of Governors of the International Monetary Fund.
The IMF has approved a general allocation of Special Drawing Rights to all members equivalent to US$650 billion to boost global liquidity. The general allocation of SDRs has become effective as of yesterday.
About US$275 billion of the new allocation will go to low-income countries, emerging markets and developing countries such as Sri Lanka.
IMF Managing Director Kristalina Georgieva said this is the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis.
She added the SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy.
Kristalina Georgieva said the general SDR allocation was made to 190 IMF members that are participants in the Special Drawing Rights Department in proportion to their existing quotas in the Fund.
Accordingly, Sri Lanka will be eligible to draw nearly US$816 million through the facility.