As G7 finance ministers and governors of central banks gather at the G20 meetings on 30th and 31st October, they face a choice: end the pandemic soon or watch new variants wreak social and economic havoc across the world. G7 nations have delivered just 20 per cent of the vaccines they promised to poorer nations, we have a $20 billion gap in the action plan the IMF says is needed, and the vaccination rate in the whole of Africa is less than 5 per cent.

However, there is something G7 countries can do today. They have just enjoyed one of the largest windfalls in history; a combined $400 billion added to their reserves fresh from the mint, delivered by the International Monetary Fund’s (IMF’s) creation of Special Drawing Rights (SDR) — a unique reserve asset which acts as a claim on foreign currency holdings of other IMF members.

The IMF describes the SDR issuance as a “shot in the arm” for the global economy. It could be. Globally, we have the riches and remedies to end this crisis. What we lack is resolve. The world’s finance leaders need to re-discover it.

In this summit, the Parliamentary Network on the World Bank and IMF brought together parliamentarian from around the world with World Bank and IMF representatives and other experts to discuss how Special Drawing Rights can be maximised to aid the recovery and build back better.

This event consisted of two panels. The first addressed low-income country lending reforms and the Poverty Reduction and Growth Trust. The second covered the Resilience and Sustainability Trust and other SDR channeling solutions.

Click here to watch the video