Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF and World Bank meetings since 2010, releases the following statement on the Development Committee Communiqué and IMF and World Bank Annual Meetings:

"A lack of tax collection means developing countries lack revenue to confront the crisis.

"The World Bank must do more to get resources to countries to combat climate change.

"The Development Committee is pushing for us to be prepared for the next crisis and do more to protect the vulnerable during the pandemic."

Read the Development Committee communiqué here. 

"Given how the pandemic is becoming worse in most of the world's countries, I'm concerned by the lack of action at the meetings on vaccine distribution, debt relief and general pandemic response.

"As world leaders meet, there is a clear consensus that the lack of vaccine access in developing countries leads to more virus mutations and global economic challenges.

"It's baffling that we still don't have plans for the funding and distribution of vaccines to reach all developing countries.

"In the poorest countries, more than 96% of the populations are unvaccinated.

"The creation of $650 billion in emergency currency, or Special Drawing Rights, to fight the pandemic is important.

"Now the focus is finding ways for wealthy countries to transfer their Special Drawing Rights to developing countries.  

"The Resilience and Sustainability Trust is an important vehicle for wealthy countries to share their Special Drawing Rights with developing countries to fight climate change.

"The new trust can provide long-term loans and includes vulnerable developing middle-income countries.

"It's encouraging that transferring Special Drawing Rights to development banks, is still being explored. This option could significantly increase funds for health and other public services. 

"When a growing number of countries need IMF support, charging penalties and surcharges to members with loans is highly concerning. 

"As the G20 debt suspension initiative ends, central banks prepare to raise interest rates. As interest rates rise, the debt crisis worsens in developing countries.

"The meetings failed to deliver details on how countries can reduce debts and how we can ensure that private creditors will participate in debt relief.

"The Common Framework must drastically cut debts as the pandemic worsens in poor countries.

"It's promising that global agreements to curb tax avoidance and evasion are moving forward. The IMF must continue to look as how these tax policies can benefit developing countries.

"Climate and stability of the global economy are closely linked.

"It's clear that climate change is causing economic challenges and shocks for many countries.

"Finance ministers are asking the IMF to do more to tackle economic and financial risks related to climate change."

Read the International Monetary and Financial Committee communiqué here.

Read Jubilee USA's press release on the IMF World Economic Outlook and Global Financial Stability Report here.

Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored G20 meetings since 2010, releases the following statement on the G20 finance ministers meeting and communiqué:

"New COVID mutations are the biggest risk to the global economy.

"The G20 is failing to take urgent action on financing and distribution of vaccines.

"The August creation of $650 billion in emergency currency, or Special Drawing Rights, provides much needed pandemic relief. 

"The agreement to establish a Resilience and Sustainability Trust at the IMF allows wealthy countries to aid vulnerable middle-income developing countries.

"Donating Special Drawing Rights, rather than lending them, should remain on the table as countries struggle with too much debt.

"It's critical that Special Drawing Rights are transferred from wealthy countries to developing countries.

"Debt levels grew dramatically everywhere and are a major concern in developing countries still struggling with the pandemic. 

"Developing countries are struggling with debt and are incredibly worried as central banks look to increase interest rates.

"The G20 must show that it can deliver on sufficient debt relief for struggling countries.

"The G20 missed an opportunity to set a higher global minimum tax rate and support rules to make sure that developing countries can capture more tax revenue.

"The G20 continues to make strong connections between climate change and financial policies.

"G20 leadership is critical for the climate crisis to be addressed as part of pandemic response."

2021 Growth Projections Downgraded for United States

Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF meetings since 2010, releases the following statement on the IMF's Global Financial Stability Report and the upcoming IMF meetings:

"Rising COVID infections, growing uncertainty around pandemic solutions and inflation cloud the stability of the global economy.

"Developing country debt could spike if wealthy economies raise interest rates.

"Developing countries are already paying higher interest rates due to COVID pressures on their budgets.

"The IMF highlights that climate change is a significant risk to long-term economic stability.

Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF meetings since 2010, releases the following statement on the IMF's World Economic Outlook Report:

"What's most striking about the report is that we are looking at economies declining both in wealthy and poor countries.

"Because the pandemic is impacting so many developing economies, advanced economies face supply shortages.

"The lack of access to vaccines in developing countries means that we are experiencing economic shocks in wealthy countries.

"Vaccines are a priority and proactive policies to deal with the global debt and health crises are essential for a return to sustainable economic growth."