Kuwait To Receive Usd 2.6 Billion From The Imf

Kuwait will receive USD 2.66 billion from the reserves of the International Monetary Fund (IMF) within the largest distribution of Special Drawing Rights (SDRs) in its history, Al Qabas reported

The sources told the daily that Kuwait’s share represents 0.41 percent of the total reserves that the IMF began pumping to member states, estimated at USD 650 billion to support global liquidity in an attempt to help countries recover from the Covid-19 pandemic.

The Special Drawing Rights (SDR) is an international interest-bearing reserve asset created by the IMF in 1969, as a complement to other reserve assets of member countries. The value of the Special Drawing Right (SDR) is determined according to a basket of five currencies (the US dollar, the euro, the Chinese yuan, the Japanese yen, and the British pound).

As a grant, countries will receive predetermined numbers of new additional special drawing rights, according to their previous share in them, and they can liquidate them into cash, invest them, get interested in exchange for them, or re-lend them to countries.

 

SOURCE  :    TIMES KUWAIT

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