A better alternative would be to go back to John Maynard Keynes s proposal of an overdraft (or, in IMF terminology, drawing) facility for all member countries, with countries that continue to use it eventually having to apply to a formal lending program. The overdraft facility could again be financed with counter cyclical issues of SDRs.

The result is that overdraft credits to the Greek central bank have grown by nearly 1 billion a day in recent months. If Greece defaults and leaves the eurozone, these overdrafts will not be repaid.

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(b) Key Policy Work Account Work programme account

Furthermore, though countries accrue interest on their holdings of SDRs, they have to pay interest on the allocations they receive. In other words, SDRs are both an asset and a liability, functioning like a guaranteed credit line for the holder a sort of unconditional overdraft facility.

This often means accepting that optimal and best practice economic policies are not attainable or, indeed, even desirable. The independence of the central bank and the no overdraft rule for budget financing will almost certainly prove too restrictive to carry out critical peace supporting activities in Afghanistan.

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