The IMF’s largest-ever allocation of special drawing rights injected $650 billion of much-needed reserves and liquidity into the world’s economies two years ago as they confronted the pandemic. SDRs are the IMF’s unique international reserve assets that member countries generally hold as official reserves. Advanced economies with strong external positions obtain SDRs on top of already substantial reserves. Their portion of the SDR allocation, about $350 billion, in many countries in a sense sits "dormant” because countries are already well protected. If they can be channeled from those economically stronger member countries to support their vulnerable low- and middle-income counterparts, they can provide real benefits to countries who need it most […]