Sometimes the size of the pool of money available for support during times of need is staggering. Such is the case with “special drawing rights”. During the pandemic in 2021, the International Monetary Fund – the world’s lender of last resort – readied loans of $650 billion which low- and middle-income countries could use to buy vaccines, finance health care commodities, and pay down debt. Canada could direct a share, but sent only 18 per cent of that share to the neediest countries.
An opportunity exists in June to reset and Canada should now double its contribution to low income countries to serve the originally intended purpose.
Randy Rudolph, Calgary