Japan and UK keen to channel IMF support through main African lender | African development bank

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By Éric Martin, September 22, 2022

Original story: https://www.bloomberg.com/news/articles/2022-09-22/japan-uk-keen-to-channel-imf-support-through-top-african-lender

Japan, France and the United Kingdom are among five wealthy nations that have expressed interest in channeling their claim to reserve assets from the International Monetary Fund to Africa’s top development lender, which would build capacity of the bank to support the poorest countries.

“We’re getting positive signals that they’re willing to consider giving it to us,” African Development Bank President Akinwumi Adesina said in an interview at Bloomberg’s New York office on Thursday. “The UK has made it clear that they want to do this. Japan has been very supportive of this conversation,” he said, adding that France was leading the effort, while Saudi Arabia and Canada were in talks with the lender.

The IMF’s record issuance of $650 billion in reserve assets, known as Special Drawing Rights, or SDRs, to its member countries last August was used to help them deal with growing debt and the fallout from the Covid-19 pandemic.

IMF member reserves are drying up

More than 30 countries have used 90% or more of their last SDR allocations

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