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The US is opposed to creating liquidity through the issuance of the International Monetary Fund's special drawing rights (SDR) as part of a response to the coronavirus epidemic, Treasury Secretary nouchin said Thursday.
In a statement to the IMF Steering Committee, nuqin said that 70% of the funds created through SDR allocation will be allocated to the group of 20 countries, most of which are not needed, and only 3% will be allocated to low-income countries. Creating liquidity through SDR allocation is similar to "printing money" by the central bank.
The 24 member international monetary and financial committee will meet Thursday to consider the IMF's response to the global pandemic, as well as a possible SDR allocation plan, which could provide hundreds of billions of dollars of urgently needed foreign exchange reserves to all 189 IMF members.
The IMF's chief executive, Georgieva, made the proposal for the first time last month, with the support of many finance ministers, leading economists and non-profit organizations. But the U.S. government, the IMF's largest shareholder, is blocking SDR allocations because it will provide new sources of funding for Iran and China, Reuters reported this week.
The special drawing right (SDR) is a kind of reserve asset and official bookkeeping unit created by the International Monetary Fund. Its value is determined by the currency basket composed of the five currencies of the US dollar, euro, yen, pound and RMB. The IMF may allocate SDRs to the member states participating in the SDR accounts in proportion to their shares.

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