The IMF said Wednesday that its board had voted to allow member states' IMF-issued international reserve assets to be used by multilateral development banks (MDBs) to acquire financial instruments that would stretch their balance sheets further.
The IMF said Wednesday that its board had voted to allow member states' IMF-issued international reserve assets to be used by multilateral development banks to acquire financial instruments that would stretch their balance sheets further.
These novel financial instruments combine both debt and equity in a way that would allow MDBs to stretch the amount they can lend for development projects. "The international community now has at its disposal an innovative approach through which development financing can be mobilized with a multiplier effect and at no cost to taxpayers," African Development Bank President Akinwumi Adesina said.The IMF said the new use of SDRs was subject to a cumulative cap of 15 billion SDRs .
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