An initial stocktake of the IMF’s resilience and sustainability trust as a channel for using special draweing rights

Abstract

This document provides a preliminary assessment of the Resilience and Sustainability Trust (RST) based on the experience gained since its launch in October 2022 until the end of September 2023. Among other aspects, the paper analyses the main characteristics of the RST, its resources and the importance that both the 2021 general allocation of special drawing rights (SDR) and the reserve asset status of some contributions played in its establishment. It also examines the main features of the programmes approved so far and discusses some considerations on the possibility of the IMF modifying its regulatory framework as an alternative to the creation of trust funds of this kind. As the RST itself evolves, more data will be stylised and additional lessons will be drawn for the next comprehensive review, scheduled three years after its launch.