This event from last year went largely under the radar.

The Board of Governors of the IMF has approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion (about SDR 456 billion) on August 2, 2021, to boost global liquidity. [1]

“This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis. The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy. It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis,” IMF Managing Director Kristalina Georgieva said.

Well, isn't that nice the IMF was boosting global liquidity because of the pandemic...Wait! WTF?!?
There are all sorts of questions and alarm bells going off because of this.

First let's take a step back and answer the question, "What is the IMF, and what is it's purpose?"
You could look at Wikipedia, and you probably should, but the REAL world purpose of the IMF can be summed up this way:

The IMF loans billions of dollars to third-world despots, who then steal all of the money. The despot then flees the country, saddling the poor third-world nation with unpayable debts. The IMF then forces these poor nations to take out more loans just to pay the interest on the previous debts, force those nations to completely gut any and all social spending, and open their nations up to exploitation from multinational corporations who then take all of their natural resources at rock-bottom prices.

Whatever was the original high-minded purpose of the IMF has long since become irrelevant. It became captured by the forces of imperialism shortly after being stillborn.

However, what it is doing now is something almost but not entirely new: it's printing money.

Consider that for a moment. The IMF is a multinational organization, not tied to any one nation or government. It doesn't have a tax base. It isn't even restricted by any laws, except what it imposes upon itself.
And it's out there printing hundreds of billions of dollar in money.
Well, not exactly money.

SDRs are the IMF’s reserve asset, and are exchangeable for dollars, euros, sterling, yen and Chinese yuan or renminbi. An allocation of SDRs requires approval by IMF members holding 85% of the total votes. Because the United States holds 16.5% of the votes, Washington’s view is decisive.

So it's an asset, not money. Which makes it negotiable....of not.

The IMF issues SDRs to its member countries’ central banks as a reserve asset – i.e., an asset they can easily exchange for hard currency with another central bank. Most central banks voluntarily carry out the exchange but, if not, the IMF has the power to decree who must accept the SDRs.

Well that's interesting. An entity that does not answer to any democratic organization has power over the globe's central banks. Which is interesting because you hear Washington telling us all the time that the "independence" of the Federal Reserve is necessary and sacred, and that's why Congress and the wishes of the American people can't have oversight of the Fed.

Another interesting aspect of SDRs is that unlike money, it has no debt associated with it. It's a monetary asset, like gold, except that it's a fiat asset, which I don't believe has ever existed in history. According to the IMF web site: "The SDR is neither a currency nor a claim on the IMF."
So the IMF can issue these SDRs through no democratic process, and force them upon central banks, and the IMF will have see no consequences no matter how many that it issues.

But don't worry, because there's no reason to be paranoid about this.

(Reuters) - The world’s top finance ministers are set to back a new $650 billion allocation of the International Monetary Fund’s own currency, Special Drawing Rights, to help low-income countries hit by the coronavirus pandemic.

Well, it's to help low-income nations hit by the pandemic. So it's a humanitarian thing.
Except that this was about 18 months after the pandemic hit, which is strange.
Once you dig just a little bit, you find out that this is all bullsh*t.

Developing countries are expected to receive $275 billion dollars out of the International Monetary Fund’s (IMF) $650 billion dollars Special Drawing Rights (SDRs) to be distributed among member countries based on their quota shares in the IMF.

So more than half was supposed to go to wealthy nations. I guess humanitarianism wasn't the original intention after all. Except that even this mis-allocation is all bullsh*t.

So when the $650 billion was disbursed last year, G20 countries received a whopping $442.8 billion (68% of the total), while the poorest 44 countries received $45.5 billion (7%) of the total.

So the 180+ poorest nations in the world got just 7% of the funds. Compare and contrast this with the headline "to help low-income countries".

The IMF went to "help low-income countries" once before in 2009 when they issued $283 Billion in SDRs. There was a whole sections titled 'Low-income countries to benefit significantly'.
Except when they totaled up who got what, well, check it out for yourself.

Afghanistan got $128 million. Bangladesh got $463 million. Ivory Coast got $273 million.
Belgium got $3.838 Billion. Germany got $10.848 Billion. United States got $30.4 Billion.