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dc.date.accessioned2022-04-25T12:57:12Z
dc.date.available2022-04-25T12:57:12Z
dc.date.issued2022-04-25
dc.identifier.urihttps://hdl.handle.net/11362/47856
dc.description.abstractThe coronavirus disease (COVID-19) pandemic is the worst global crisis since the Second World War, with developing countries suffering more devastating economic and social effects than developed countries. Governments’ increased pandemic-related expenditure combined with the drastic fall in tax revenues have increased their fiscal deficits and heightened their debt vulnerabilities. The generalized increase in fiscal imbalances and indebtedness has given rise to greater liquidity needs across developing countries, despite considerable heterogeneity in their fiscal positions and debt profiles. Easing liquidity constraints and expanding fiscal space for all developing countries requires alternative mechanisms in addition to existing credit facilities. The new general allocation of US$ 650 billion in Special Drawing Rights (SDRs) implemented on 23 August 2021 provided the most expedient mechanism to provide concessional liquidity at scale to all countries regardless of their level of income. Aside from its agility and financial effects, SDRs are the only democratic device to enhance policy space in developing economies, as it comes with no conditionalities. „ SDRs have several advantages over other IMF credit facilities and financing lines, including the fact that they do not generate debt, have a very low cost of use, and can reduce the risk premium for highly indebted countries. The new issuance of SDRs can help boost the level of international reserves of developing economies, strengthen their external positions, reduce their liquidity and default risk, and free up resources to meet the Sustainable Development Goals (SDGs).
dc.description.tableofcontentsKey messages .-- A. The pandemic and developing countries’ financing needs .-- B. SDRs and their advantages .-- C. Recipient countries of the SDR allocation .-- D. Determining the value of SDRs to be reallocated from developed to developing countries (low-and middle-income countries) .-- E. Proposed means of reallocating SDRs .-- F. Conclusion.
dc.format.pdf
dc.language.isoen
dc.publisherECLAC
dc.titleSpecial Drawing Rights (SDRs) and the COVID-19 crisis
dc.typeTexto
dc.contributor.entityNU. CEPAL
dc.contributor.entityNU. ECA
dc.publicationstatusDisponible
dc.regionalofficeSantiago
dc.physicaldescription25 p.
dc.jobnumberS2200199_en
dc.callnumberS2200199_en
dc.placeofeditionSantiago
dc.subject.spanishDIVISAS
dc.subject.spanishRESERVAS MONETARIAS
dc.subject.spanishMERCADOS DE CAPITAL
dc.subject.spanishPAISES DESARROLLADOS
dc.subject.spanishPAISES EN DESARROLLO
dc.subject.spanishFINANCIACION DEL DESARROLLO
dc.subject.spanishCOVID-19
dc.subject.spanishVIRUS
dc.subject.spanishEPIDEMIAS
dc.subject.spanishASPECTOS ECONOMICOS
dc.subject.spanishPOLITICA FISCAL
dc.subject.spanishMACROECONOMIA
dc.subject.englishFOREIGN EXCHANGE
dc.subject.englishMONETARY RESERVES
dc.subject.englishCAPITAL MARKETS
dc.subject.englishDEVELOPED COUNTRIES
dc.subject.englishDEVELOPING COUNTRIES
dc.subject.englishDEVELOPMENT FINANCE
dc.subject.englishCOVID-19
dc.subject.englishVIRUSES
dc.subject.englishECONOMIC ASPECTS
dc.subject.englishFISCAL POLICY
dc.subject.englishMACROECONOMICS
dc.subject.englishEPIDEMICS
dc.coverage.spatialspaAMERICA LATINA Y EL CARIBE
dc.coverage.spatialengLATIN AMERICA AND THE CARIBBEAN
dc.type.biblevelDocumento Completo
dc.doctypeCoediciones
dc.sdg17
dc.topic.spanishASUNTOS FISCALES
dc.topic.spanishCOVID-19
dc.topic.spanishFINANCIAMIENTO PARA EL DESARROLLO
dc.topic.spanishMACROECONOMÍA
dc.topic.englishCOVID-19
dc.topic.englishFINANCING FOR DEVELOPMENT
dc.topic.englishFISCAL AFFAIRS
dc.topic.englishMACROECONOMICS
dc.workarea.spanishDESARROLLO ECONÓMICO
dc.workarea.englishECONOMIC DEVELOPMENT
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