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Idea of paying debt with IMF money is reactivated in Mexico

Idea of paying debt with IMF money is reactivated in Mexico

Mexico, Aug 23 (Prensa Latina) The International Monetary Fund (IMF) will send a monetary allocation to member countries on Monday, which, in Mexico, reactivated the idea of President Andres Manuel López Obrador to use it to pay its foreign debt.
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La Jornada daily reports the debate on this issue because it is an important international reserve asset of some 12 billion dollars that the Mexican government is seeking to use for debt payment.

This money is not tangible, but is expressed in Special Drawing Rights (SDRs) that go to the central banks of the member countries and require a complex mechanism for their use.

It is not an IMF’s philanthropic action, but it is obliged to distribute SDRs among its 191 member countries because they are international reserves. What is new is the enormous amount of 650 billion among all members.

Before now, the total SDRs allocated had not exceeded 250 billion.

There are many interpretations as to why this unusual amount. One of these is the depth of the economic crisis, which requires an ample injection of resources and the activation of stagnant international reserves, according to economists .

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