Indonesia was truly no longer a “patient” of the International Monetary Fund [IMF], but as a member Indonesia was entitled to Special Drawing Rights [SDR] amounting to SDR 1.74 billion or equal to USD 2.7 billion. Bank Indonesia underscored that this facility was not a debt of any kind. In the effort to handle monetary crisis, IMF would exercise this SDR facility to bolster up global liquidity in 2009. The policy would help to strengthen foreign reserves of IMF member states including Indonesia.
“The SDR allocation was basically not at IMF lending facility as was given to Indonesia during the 1997-1998 crisis. This allocation was for all members of IMF and was particularly part of the global effort to handle crisis through providing global liquidity which was interrupted by crisis” this was the official statement of bank Indonesia Saturday [22/8].
Realization of the general allocation of SDR for IMF member states would exercised simultaneously on August 28, 2009; whilst realization of special SDR would be carried out on September 9, 2009. The distribution would be carried out proportionally according to the present quota of each nation at IMF. In general the increase of allocation of SDR for each respective state would be 74% of quota. For Indonesia, the increase of SDR allocation would not include net charges except administration cost which was relatively small [0.01% p.a.]. This was because Indonesia obtained interest income at the same interest rate as the SDR.
On the other hand, the SDR allocation would be beneficial for obtaining reserve buffer for Indonesia’s external liquidation by increasing Indonesia’s foreign reserves amounting to SDR 1.74 billion or equal to USD 2.7 billion consisting of SDR 1.54 billion from general allocation and SDR 200.1 million from special allocation. Basically SDR was international reserve assets created in 1969 as additional foreign reserves of IMF members.
The SDR was given without conditionalities, but rather based on the need of each member state respectively through exchange mechanism with other IMF member states. In general there were 2 (two) types of SDR allocations given by IMF this year to 186 member states including Indonesia. Firstly, general allocation at the total value of SDR 161.19 billion or equal to USD 250 billion which were a form of IMF’s support to overcome global crisis with the negative effect on global liquidity. Secondly, special allocation at the value of SDR 21.5 billion or equal to USD 33 billion which was a realization of the past agreement [of 1997] and was only realized this year.