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Global financial allocations benefit the wealthiest

Global financial allocations benefit the wealthiest

Brussels, Aug 24 (Prensa Latina) The millionaire allocations generated by international organizations seem today to be destined for the coffers of the richest instead of benefiting emerging countries.
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This criterion, supported by economists, comes to light this Tuesday on the basis of several reports on the matter, especially with regard to the International Monetary Fund (IMF).

These are selective allocations of resources that may affect rather than protect economies from the impacts of Covid-19.

When analyzing the resources delivered by the Fund to its member countries, the discourse clashes with reality, analysts point out.

The IMF claims that it will help the most vulnerable, and in this regard, it is known that the IMF distributed around 650 billion dollars among the 190 member countries. Such financial flow is extremely necessary, especially in these times of pandemic, with an appreciable collapse of the world economy.

However, when the time came to share out the winners were the great powers, which in themselves have sufficient resources to overcome the health problem. The IMF welcomed the fact that the general allocation of Special Drawing Rights (SDRs) came into force on Monday. These acronyms can be translated into an exchange rate equivalent to 1.42 dollars, or the 650 billion dollars mentioned above.

The allocation will benefit all members to address the long-term global need for reserves, build confidence, and foster resilience and stability in the global economy, is its argument.

It will particularly help the most vulnerable countries struggling to cope with the impact of the health crisis, at least so it appears in the delivery documents. ef/abo/mgt/rfc

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