Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what international initiatives he plans to implement to ensure an international reallocation of the IMF'S stock of Special Drawing Rights, ahead of the G7 meeting in June 2021.

The UK supports work on a new Special Drawing Rights (SDR) allocation to provide additional financing to low-income countries. On Friday 12 February the Chancellor chaired the first G7 Finance Ministers and Central Bank Governors meeting and set out his priorities for the year including working to provide necessary support for the world’s most vulnerable countries, including through ensuring that the International Financial Institutions have the right tools to equip and enable vulnerable countries to respond to the pandemic. At the G20 Finance Ministers meeting on Friday 26 February the Chancellor also expressed his desire for work on a new IMF Special Drawing Rights allocation which gives additional financing to low income countries to help their response and recovery.