The Board of Governors of the International Monetary Fund, IMF, has approved a general allocation of Special Drawing Rights, SDRs, equivalent to US$650 billion (about SDR 456 billion) to boost global liquidity.

This has created a fresh opportunity for Nigeria and other countries with liquidity challenges, to access IMF facilities, to enable them fight the re-surging COVID-19, as well as strengthen their economies.

IMF Managing Director, Ms. Kristalina Georgieva, in a statement, yesterday, described the SDRs as the largest allocation in the history of the organisation.

She said: “This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis. The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy.

“It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis.” The general allocation of SDRs would become effective on August 23, 2021.