The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has criticised the disproportionate allocation of the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs), revealing that Africa received just $33 billion, only 4.5% out of the $650 billion issued globally.
Dr Adesina made this assertion in a statement released on Sunday in Abuja, highlighting the structural inequities in international financial mechanisms that continue to sideline Africa, particularly during times of crisis such as the COVID-19 pandemic, the News Agency of Nigeria (NAN) reports.
“Out of the $650 billion in SDRs issued globally, Africa received only $33 billion, just 4.5 per cent. This is, despite being the continent most in need and with the least resources to manage the economic fallout,” Adesina said.