Chancellor of the Exchequer, Rishi Sunak call with US Treasury Secretary, Janet Yellen
Chancellor of the Exchequer, Rishi Sunak and US Treasury Secretary, Janet Yellen spoke on the phone earlier this evening (15 March 2021) to discuss a possible new allocation of Special Drawing Rights.
Both agreed that a new Special Drawing Rights (SDR) allocation could form an important part of a package of support for low income countries and could be vital for securing a truly global recovery.
皇冠体育app Chancellor has previously signalled that progress on a new allocation would be a priority for the UK鈥檚 G7 presidency. Sunak and Yellen discussed how to use Friday鈥檚 G7 meeting to work towards a possible agreement by the IMF Spring Meetings. Negotiations are ongoing.
Following his meeting with US Climate Envoy John Kerry last week (8 March 2021), the Chancellor reiterated the case for progress on climate and environmental issues in the G7, including on sustainability-related financial disclosures and impact reporting and climate finance to support the global transition to Net Zero.
Both looked forward to speaking again at Friday鈥檚 meeting of G7 Finance Ministers.
Further information
-
皇冠体育app SDR is an international reserve asset issued by the IMF to member countries through periodic allocations. SDR allocations are a low-cost way of boosting international reserves and providing liquidity to vulnerable countries
-
皇冠体育appre have been four previous allocations of SDRs: in 1970-72; 1979-81; and two in 2009, to make a total of $293 billion allocated to date