AfDB President Slams IMF Over Unequal SDR Allocation to Africa

President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has voiced strong disapproval over the marginal share Africa received from the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs), revealing that the continent was allocated only $33 billion—less than 5% of the $650 billion distributed globally.

In a statement issued in Abuja on Sunday, Dr. Adesina highlighted what he described as deep-rooted disparities in the global financial system, emphasizing that Africa continues to be neglected, particularly during major global crises like the COVID-19 pandemic.

“Although $650 billion was disbursed in SDRs worldwide, Africa got just $33 billion—only 4.5 percent,” he said. “This is especially troubling considering Africa’s heightened vulnerability and limited economic resources to respond to such shocks.”

To correct this imbalance, Dr. Adesina announced that the AfDB, in conjunction with the African Union, had initiated efforts to redirect unused SDRs from high-income countries to African nations. A new mechanism, jointly developed with the Inter-American Development Bank (IDB), has already received approval from the IMF’s Board.

“This marks a significant breakthrough,” he noted. “Through this platform, each dollar in SDRs can be multiplied four to eight times. With a $50 billion commitment, we could potentially unlock up to $200 billion in development funding—without requiring additional public spending.”

He praised this milestone as a crucial shift in addressing Africa’s financing needs amid shrinking aid flows and rising debt pressures.

Dr. Adesina also revealed that the African Development Fund (ADF)—the concessional finance window of the AfDB—is currently mobilizing $27 billion from international capital markets. These funds are expected to assist 37 low-income countries across the continent.

This announcement comes as the ADF enters its 17th replenishment phase. He called on international development partners to boost their support, noting that greater concessional financing is vital to tackle poverty and promote inclusive economic development.

“With stronger commitments in health, innovation, and funding, Africa can better shield its citizens, unlock its promise, and steer itself toward long-term prosperity,” Adesina said.

The SDR is a global reserve asset created by the IMF to enhance the liquidity of member nations and help them manage external financial challenges.