(the question is ~ how many other governments/countries are holding back their SDR allocations? and if they are, why?)
Tuesday, 02 March 2010
Govt yet to convert SDRs into cash
HARARE - Zimbabwe is yet to find countries that will convert into cash Special Drawing Rights (SDR) equivalent to US$510 million disbursed by the International Monetary Fund to the country last year, officials said.
Industry and Commerce Minister, Welshman Ncube, told The Zimbabwean in an interview that the government was still working on procedural arrangements to receive cash out of the SDRs. "We are yet to secure countries willing to convert the SDRs into cash," Ncube said.
The IMF in September last year advanced a US$510 million loan to Zimbabwe for the first time in a decade, despite the country still owing the IMF more than US$100 million in unpaid debts.
The IMF allocated Zimbabwe an equivalent of US$510 million in SDRs, as part of efforts to fight the effects of the global economic meltdown.
The SDR is an IMF internal unit of account and a country's allocation is based on the size of its IMF quota share, which is calculated according to the size of the economy, trade and reserves. To convert the SDRs into hard currency, a country has to find a buyer from within the IMF members.
http://www.thezimbabwean.co.uk/2010030229247/business-news/govt-yet-to-convert-sdrs-into-cash.html
articles to ponder over ~
Joseph Stiglitz : ‘IMF Rerserve Currency can be Phased in within a Year and yuan phased in a "while"
(March 24 Launch) Asian Financial Safety Net Will Help Protect Korea, Neighbors
The SDR Basket Composition is Reviewed Every Five Years by the Executive Board - Next Review Late 2010
Special allocations of SDRs. August 28th and Sept. 9th
IMF'S 2ND SDR ALLOCATION UNDER 4TH AMENDMENT ~ SEPTEMBER 9, 2009
Special Alert: U.S. Currency Exchange Controls
"Federal Reserve needs to cut US Dollar in half over next 14 years"
U.N. TO EMERGE AS GLOBAL IRS - UN DECLARATION MARCH. 23-24TH
