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TECHNICAL NOTES AND MANUALS
How to Record the Allocations of Special Drawing Rights in Government Finance Statistics
IMF Statistics Department, Government Finance Division
This note provides statistical guidance to IMF staff and country authorities on the recording of the 2021 general allocation of Special Drawing Rights (SDRs) in the government finance statistics (GFS), which is also applicable to previous SDR allocations. SDR allocations received by members are recorded as a liability in the form of SDR allocations vis-à-vis the SDR Department of the IMF, which is part of gross debt of the public sector unit (Ministry of Finance/Treasury or central bank or other publicly controlled entity) on whose balance sheet SDRs are recorded, with a corresponding entry for SDR holdings as a financial asset. No transfer of wealth occurs due to the SDR allocation. It should be stressed that the statistical guidelines do not specify on whose balance sheet SDR holdings and allocations should be recorded, as this decision is determined by the member’s domestic legal and institutional arrangements.
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©2022 International Monetary Fund
How to Record the Allocations of Special Drawing Rights in Government Finance Statistics
IMF Technical Notes and Manuals 2022/003
IMF Statistics Department, Government Finance Division
| Approved by Gabriel Quirós-Romero | Prepared by a team in IMF Statistics Department, supervised by Zaijin Zhan and coordinated by Clement Ncuti (main author), with contributions from David Bailey, Hector Hernandez, Phil Stokoe, Nadine Aboukhaled Yazbeck, Mariana Sabates Cuadrado, and Barend Chrisstoffel De La Beer; under the overall guidance of Florina Tanase; with administrative assistance provided by Gloria Addison. This note has benefited from comments by FAD, FIN, LEG, and SPR, as well as STA Balance of Payments, Government Finance, and Financial Institutions Divisions. |
| Approved by Gabriel Quirós-Romero | Prepared by a team in IMF Statistics Department, supervised by Zaijin Zhan and coordinated by Clement Ncuti (main author), with contributions from David Bailey, Hector Hernandez, Phil Stokoe, Nadine Aboukhaled Yazbeck, Mariana Sabates Cuadrado, and Barend Chrisstoffel De La Beer; under the overall guidance of Florina Tanase; with administrative assistance provided by Gloria Addison. This note has benefited from comments by FAD, FIN, LEG, and SPR, as well as STA Balance of Payments, Government Finance, and Financial Institutions Divisions. |
DISCLAIMER: This Technical Guidance Note should not be reported as representing the views of the IMF. The views expressed in this paper are those of the authors and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
| ISBN: | 979-8-40020-951-2 (Paper) 979-8-40021-148-5 (ePub) 979-8-40021-151-5 (PDF) |
| JEL Classification Numbers: | E62; H63; F34 |
| Keywords: | Special drawing rights, SDRs, SDR allocation, fiscal statistics, gross debt, fiscal policy analysis. |
| Authors’ email addresses: | STAGO-SDR@imf.org STAGOAST@imf.org |
| ISBN: | 979-8-40020-951-2 (Paper) 979-8-40021-148-5 (ePub) 979-8-40021-151-5 (PDF) |
| JEL Classification Numbers: | E62; H63; F34 |
| Keywords: | Special drawing rights, SDRs, SDR allocation, fiscal statistics, gross debt, fiscal policy analysis. |
| Authors’ email addresses: | STAGO-SDR@imf.org STAGOAST@imf.org |
Contents
I. Introduction
II. GFS Recording of SDRs when the Allocation Is First Recorded in the Government's Accounts
III. GFS Recording of SDRs when the Allocation Is First Recorded in the Central Bank's Accounts
IV. Considerations in the Case of Currency Unions
Annex I. Illustrative Description of the Recording in Government Accounts
Table 1. GFS Recording of the Allocation of SDRs in the Government Accounts
Table 2. GFS Recording of the Exchange of SDR Holdings by the Central Government
Table 3. GFS Recording of the Use of Deposits to Finance Spending
Table 4. GFS Recording of the Use of Deposits to Repay Outstanding Debt Liabilities Falling Due
Table 5. GFS Recording of Interest Receipts/Payments on SDR Holdings/Allocations
Table 6. GFS Recording of Central Government Borrowing from Central Bank