Report to the Congress on a Limited Purpose Allocation of Special Drawing Rights for the Poorest Heavily Indebted Countries

摘要

Section 3123 of the Omnibus Trade and Competitiveness Act of 1988 requires the Secretary of the Treasury, in consultation with the directors and staff of the International Monetary Fund and such other interested parties as the Secretary may determine to be appropriate, to conduct a study of the feasibility and efficacy of reducing the international debt of the poorest of the heavily indebted countries through a one-time allocation by the International Monetary Fund of limited purpose Special Drawing Rights. The legislation also requires the Secretary to submit a report containing the findings and conclusions of the study, together with recommendations, to the Banking Committees of the House and Senate and the Senate Foreign Relations Committee. The report provides relevant background on the origins, purposes, and characteristics of the Special Drawing Right (SDR) and examines the proposal for a limited purpose SDR allocation for the poorest countries. Other SDR related proposals to address the problems of developing countries are reviewed while alternative measures to respond to the special situation of the poorest countries are considered. Summary conclusions and recommendations are contained in the final Part.