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How Effective Was Assistance to the Vulnerable Countries During the Pandemic? Comparing the Debt Service Suspension Initiative and Special Drawing Rights

Author

Listed:
  • Lara Merling

    (The Bucharest University of Economic Studies, Romania)

  • Kevin Cashman

    (Center for Economic and Policy Research, USA)

Abstract

This paper compares the actual and potential resources derived from the G20’s Debt Service Suspension Initiative and the actual and potential resources from International Monetary Fund’s 2021 allocation of Special Drawing Rights. These programs were two main sources of support for 73 vulnerable countries during height of the COVID-19 pandemic. For these countries, Special Drawing Rights provided much greater potential support when compared to the Debt Service Suspension Initiative. Special Drawing Rights deployed more actual resources as well. When these programs are evaluated from the perspective of the countries receiving assistance, Special Drawing Rights are found to have several characteristics that are more desirable. As such, as a tool, Special Drawing Rights have several advantages that should be taken into account during discussions about policy responses to global challenges in the future.

Suggested Citation

  • Lara Merling & Kevin Cashman, 2023. "How Effective Was Assistance to the Vulnerable Countries During the Pandemic? Comparing the Debt Service Suspension Initiative and Special Drawing Rights," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 138-145, August.
    • Handle: RePEc:ovi:oviste:v:xxiii:y:2023:i:1:p:138-145
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    File URL: https://stec.univ-ovidius.ro/html/anale/RO/2023-i1/Section%201%20and%202/19.pdf
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    References listed on IDEAS

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    1. Kevin Cashman & Andrés Arauz & Lara Merling, 2022. "Special Drawing Rights: The Right Tool to Use to Respond to the Pandemic and Other Challenges," Challenge, Taylor & Francis Journals, vol. 65(5-6), pages 176-198, November.
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      Keywords

      International Monetary Fund; SDR; Special Drawing Rights; DSSI; Debt Service Suspension Initiative;
      All these keywords.

      JEL classification:

      • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
      • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
      • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
      • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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