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Kewen Li published Devex Quotes Eric LeCompte on The New York Taxpayer and International Debt Crises Protection Act in Press 2023-06-20 14:26:09 -0400
Devex Quotes Eric LeCompte on the New York Taxpayer and International Debt Crises Protection Act
Devex quotes Eric LeCompte on the New York Taxpayer and International Debt Crises Protection Act (S4747, A2970) and its opposition. Read an excerpt below, and click here for the full story.
Devex Invested: Why IFC's solar program failed to take off in Africa
By Adva Saldinger
The World Bank and its private sector arm, the International Finance Corporation, are under pressure to deliver on projects that address climate change and attract more private capital to the table. The same was true back in 2015, when the “billions to trillions” narrative was at its zenith.
Back then IFC launched its Scaling Solar program in an effort to increase solar power in lower-income countries and use donor dollars to mobilize more private money.
So how has the initiative fared? That’s what I sought to find out as the program has come under scrutiny.
Read here for more.
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Kewen Li published La Prensa Grafica cites Jubilee USA on the new $400 million reserve funds for El Salvador in Press 2021-08-09 11:18:13 -0400
La Prensa Grafica cites Jubilee USA on the new $400 million reserve funds for El Salvador
La Prensa Grafica quoted Eric LeCompte on the new allocation of $400 million through Special Drawing Rights for El Salvador. Read an excerpt below, and click here for the full story.
FMI otorgará $400 millones para El Salvador por pandemia
By Claudia Espinoza
Resources will be delivered through Special Drawing Rights (SDR), which are funds to complement the reserves of the countries.
The International Monetary Fund (IMF) will grant $ 400 million to El Salvador to face the covid-19 crisis, being one of the most benefited countries in the region, in addition to Ecuador and Argentina, which will receive $1 billion and $4.3 billion respectively.
Eric LeCompte, Executive Director of Jubilee USA Network, said this outlay will not be enough. "Rich countries that receive emergency reserves they don't need should transfer those resources to developing countries fighting the pandemic," he said.
Read More here.
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Kewen Li published BBC features Eric LeCompte on the new allocation of $650 billion SDRs in Press 2021-08-09 11:10:50 -0400
BBC features Eric LeCompte on the new allocation of $650 billion SDRs
BBC features Eric LeCompte on the creation of $650 billion SDRs destined to underpin the global economic recovery and help the nations that face gigantic levels of debt. Read an excerpt below, and click here for the full story.
FMI: cuánto dinero recibirá cada país de América Latina con la mayor inyección de recursos que ha aprobado el organismo en toda su historia
By Cecilia Barría
Latin American countries are trying to stand up and accelerate economic recovery after the harsh recession caused by the covid-19 pandemic.
Those who have the most uphill path are those with few fiscal reserves to allow them to guarantee their stability and with little access to credit in international markets due to their high level of risk.
Eric LeCompte, Executive Director of Jubilee USA Network, said the measure will benefit developing countries, but it will not be enough.
"Rich countries that receive emergency reserves they don't need should transfer those resources to developing countries fighting the pandemic," he said.
Read more here.
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Kewen Li published Bloomberg cites Eric LeCompte on IMF's approval of $650 billion SDRs in Press 2021-08-03 14:47:30 -0400
Bloomberg cites Eric LeCompte on IMF's approval of $650 billion SDRs
Bloomberg cites Jubilee USA Network and Eric LeCompte on their call to the G-20 to support the creation of $3 trillion in SDRs. Read an excerpt below, and click here for the full story.
IMF Nations Approve Record $650 Billion to Aid Virus Fight
By Eric Martin
Member nations approved the biggest resource injection in the International Monetary Fund’s history, with $650 billion meant to help countries deal with mounting debt and the fallout from the Covid-19 pandemic.
The Group of Seven advanced economies in June endorsed a plan to reallocate $100 billion of new SDRs to poorer countries, but the G-20 in July only specified support for a general allocation of $650 billion in SDRs, without detailing how much would be re-lent.
More than 200 groups including the Jubilee USA Network, a non-profit organization that advocates for debt relief for developing countries, had called on the G-20 to support the creation of $3 trillion in SDRs, saying the funds are needed to help free up resources for health care and social spending.
“Developing countries need more aid to get beyond the crisis,” Eric LeCompte, the executive director of Jubilee USA Network, said in a statement late Monday. “Wealthy countries receive most of these emergency reserves and must donate them to developing countries.”
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Kewen Li published IMF approves $650 billion in emergency currency to combat pandemic in Press 2021-08-03 12:25:23 -0400
IMF approves $650 billion in emergency currency to combat pandemic
The IMF Board of Governors convened a special virtual session for final approval of US $650 billion in emergency reserve currency or Special Drawing Rights (SDRs). Countries will receive their share of Special Drawing Rights on August 23rd.
“More than $200 billion of these new reserve funds will go to developing countries to support pandemic relief and recovery efforts,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “While these resources are needed, developing countries must receive more aid to get beyond the crisis.”
More than $400 billion of the emergency currency goes to wealthy countries. Wealthy countries can donate their SDRs to developing countries directly, or through initiatives from the IMF or development banks.
“Most wealthy countries don't need their share of Special Drawing Rights and they need to donate them quickly to developing countries struggling with the health and economic crisis,” stated LeCompte.
Read Jubilee USA's IMF COVID response letter calling for Special Drawing Rights aid with nearly 270 signatories here.
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Kewen Li published IMF extends zero-interest lending to poor countries in Press 2021-07-23 16:45:45 -0400
IMF extends zero-interest lending to poor countries
IMF Can Sell Gold Reserves to Extend Aid to Developing Countries
The IMF announced increased zero-interest lending for poor countries. IMF member countries further committed to investigate additional options to extend pandemic aid through 2029, including the selling of IMF gold reserves.
“Poor countries need more support to confront the health and economic devastation caused by the coronavirus,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. "While the IMF action is helpful, it still falls short of delivering the support developing countries need."
The Fund's announcement means zero-interest poor country lending increases through the IMF's Poverty Reduction and Growth Trust. Last year the IMF facility boosted lending for poor country COVID response. An IMF paper listed a limited sale of IMF gold reserves as a way to meet funding shortfalls.
“In the past IMF gold reserves were sold to support poor countries," stated LeCompte. LeCompte's organization Jubilee USA organized nearly 270 religious and development groups to sign a letter to the IMF calling for COVID response aid including the selling of IMF gold. "Most of the world's people face incredible suffering because of the pandemic. All funding options must be on the table."
Read Jubilee USA's IMF COVID response letter with nearly 270 signatories here.
Read the IMF policy paper on zero-interest lending here.
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Kewen Li published Jubilee USA Statement on G7 Summit and Communiqué in Press 2021-06-13 12:17:56 -0400
Jubilee USA Statement on G7 Summit and Communiqué
The G7 Summit concludes in the United Kingdom and leaders release a communiqué on COVID-19 response, vaccines, trade, debt relief, tax reform and climate change.
Eric LeCompte the Executive Director of the religious development organization Jubilee USA Network, releases the following statement on the G7 Summit and communiqué:
“As a third wave of the pandemic hits developing countries, the G7 commits to donating a billion vaccines. This is progress, but falls short of what we need to end the pandemic.
“Waiving pharmaceutical vaccine patents is vital for developing countries to produce and procure coronavirus vaccines. Unfortunately, the G7 failed to support a temporary patent waiver to confront the pandemic.
“We are seeing incredible G7 progress on curbing tax avoidance and corruption.
"If corporations paid their fair share in taxes, countries would have greater resources to combat the economic shocks caused by the coronavirus.
"The G7's support of curbing tax avoidance lays the groundwork for the G20 to move forward an agreement.
“As countries wrestle with debt crises and the pandemic, the G7 supports reducing and relieving debt.
“The G7 must ensure that the private sector participates in debt relief and debt relief is expanded to help all developing countries in need.
"The creation of $650 billion of emergency reserve currency by August, is a priority for the G7 to confront the economic and health crises spurred by the coronavirus.
“The G7 supports the creation and distribution of Special Drawing Rights to get more vaccines to developing countries, fight climate change and reduce poverty.
"Climate change is a growing priority for the G7.
"The G7 promised critical support for developing countries to build more green infrastructure to confront climate change.
"The G7 sees that some of the most important climate change decisions will happen as a part of global financial decisions and pandemic response."
Read the G7 Summit Communiqué here.
Read Jubilee USA's G7 Summit press release.
Read about the WTO COVID vaccine patent waiver process here.
