A Milbank LLP pro bono team is advising the ONE Campaign on its advocacy concerning the International Monetary Fund’s recent $650 billion allocation of Special Drawing Rights (SDRs)—its largest ever—aimed at helping the global economy recover from the COVID-19 pandemic’s negative impacts.
SDRs are interest-bearing international reserve assets created by the IMF in the 1960s to supplement the other reserve assets of member countries and give governments greater flexibility. The ONE campaign, a global movement focused on ending extreme poverty and preventable disease, is calling on wealthier countries to share, or “recycle,” their portions of the $650 billion SDR allocation to countries that need more resources to fight the pandemic.
Milbank, in coordination with a select group of law firms assembled by TrustLaw, the Thomson Reuters Foundation’s global pro bono network, is advising the ONE Campaign on the laws regulating the use and treatment of SDRs in Australia, Canada, China, France, Germany, Italy, Japan, the United Kingdom and the United States.
“It’s an honor to support the ONE campaign in its efforts to assist the world’s more vulnerable nations as they begin to recover from the pandemic,” said Milbank partner Thomas Ingenhoven. “SDRs add substantial liquidity to countries without adding to their debt burden.”
The Milbank team is led by partner Thomas Ingenhoven (Finance, Frankfurt) and associate Melchior Raiser (Banking & Leveraged Finance, Munich).
