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Why the IMF’s Special Drawing Rights May Not Actually Be That Special

File image of the International Monetary Fund headquarters in Washington, D.C. SAUL LOEB / AFP

While a number of African finance ministers will no doubt be thrilled to hear the news that the IMF is finally making progress with the issuance of new Special Drawing Rights, two leading Africa scholars contend they may want to keep their expectations in check.

Hannah Wanjie Ryder, CEO of the Beijing-based consultancy Development Reimagined, and Gyude Moore, a senior policy fellow at the Center for Global Development in Washington, D.C. wrote in a Project Syndicate column this week that African countries’ share of the proposed $500 billion SDR will be so small that it won’t have any meaningful economic impact.

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