Re: Urge US Senate to Support Special Drawing Rights Recycling

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March 23, 2022

The Honorable Senators (Sent to All 100)
United States Senate
Washington, D.C. 20510

Re: Urge US Senate to Support Special Drawing Rights Recycling

Dear Senators,

We the undersigned faith-based organizations and civil society organizations are urging members of the United States Senate to support recycling of the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs) received by the United States (US). Recycling SDRs enables high-income nations, including the US, to dedicate a portion of their SDRs for use by other countries in urgent need of financial assistance.

Recycled US SDRs have been requested by Ukrainian officials and economists to address enormous humanitarian and rebuilding needs. SDRs also can help African and other countries struggling to address growing humanitarian needs and economic dislocation driven by conflict and the COVID pandemic. All forms of economic support are needed but SDRs have the benefit of quick access and they are free from interest payments and surcharges that can increase the debt burden of countries struggling to care for citizens and to stabilize ravaged economies.

SDRs are already yielding positive results for countries that have claimed them. However, more SDRs are needed because the amounts allocated in August 2021 were not sufficient for African countries to meet the significant negative impacts created by pandemic and the conflicts.

Russia’s invasion of Ukraine will only heighten global economic distress. Indeed, the effects of Russia’s war are being felt by people across the African continent. As Ukraine and Russia are major providers of wheat and corn, a number of African countries will face further destabilization and be unable to provide a suitable supply of food due to the financial pressure of rising agriculture commodities.

America aspires to be a global champion of humanitarian and democratic values. As an elected representative of the US, we urge you to help fulfill these aspirations by supporting the recycling of US’s SDRs to countries and people most in need.

Sincerely,

Organizations

1. Action Corps
2. Africa Faith and Justice Network
3. American Friends Service Committee
4. Leadership Conference of Women Religious
5. Maryknoll Office for Global Concerns
6. Maryland United for Peace and Justice
7. Samuel DeWitt Proctor Conference
8. Sojourners
9. Watch Democracy Grow

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