The United Kingdom is resisting pressure to donate more of its Special Drawing Rights to low-income nations ahead of the Paris financing summit scheduled for June 22-23, despite being less generous than other advanced economies.
Questioned by members of Parliament, Foreign Secretary James Cleverly dismissed the idea that releasing SDRs — a reserve asset that can be traded for hard currency — is a way for the U.K. to increase its aid spending following massive cuts.
“The idea that somehow there is this free pot of painless money that we could apply but choose not to, which is implicit in your question, is just not accurate. All money has to come from somewhere,” Cleverly insisted.
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About the author
Rob Merrick
Rob Merrick is the U.K. Correspondent for Devex, covering FCDO and British aid. He reported on all the key events in British politics of the past 25 years from Westminster, including the financial crash, the Brexit fallout, the "Partygate" scandal, and the departures of Boris Johnson and Liz Truss. Rob has worked for The Independent and the Press Association and is a regular commentator on TV and radio. He can be reached at rob.merrick@devex.com.
