Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what his policy is on the granting of new Special Drawing Rights to Belarus by the IMF.

We are considering all appropriate and effective means of constraining the finances of the Lukashenko regime. The UK has already made more than 100 sanctions designations in response to the fraudulent elections and subsequent human rights violations in Belarus and remains committed to taking action against those responsible for the continued suppression of democracy, human rights and fundamental freedoms.

The IMF implemented a new general allocation of Special Drawing Rights on the 23 August. The unconditional nature of the SDR allocation means that Belarus will receive a new allocation in proportion to its quota share, consistent with the IMF’s Articles of Agreement. It is worth noting that IMF Special Drawing Rights, or SDRs, are an international reserve asset and are not money or currency, though may be exchanged with other countries for currency through a system of Voluntary Trading Arrangements. The UK retains the right to refuse to purchase SDRs from any countries that we choose. The UK has driven G7 calls for the SDR allocation to be accompanied by transparency and accountability measures and updated IMF guidance on how countries should appropriately use their SDRs.