English-Spanish translation (by Zoom streaming)
Curing the Coronavirus Health & Economic Crisis in Developing Countries & Emerging Resilient as a Global Community;
Injecting Special Drawing Rights & Zero Debt Solutions
19:30 New Delhi • 16:00 Harare • 15:00 London • 10:00AM Washington DC
11:00AM Buenos Aires • 9:00AM Quito • 16:00 Brussels • 14:00 Accra • 23:00 Tokyo
Developing countries faced debt and financial crisis prior to COVID-19. Inequality exacerbates the economic crisis spurred by the coronavirus in developed and developing countries. Too many countries, due to austerity policies, wrestled with weakened health systems and soaring unemployment before the coronavirus hit. Over 110 countries seek emergency support. The suspension of debt payments for a few countries is not enough to get through the crises, let alone being able to achieve the Sustainable Development Goals to end poverty and address inequality. Development aid, boosting tax revenues, curbing tax evasion and corruption are necessary, but cannot deliver enough resources or the urgent resources needed.
The United Nations Secretary General and UN agencies, African Finance Ministers, the International Monetary Fund, many countries and civil society organizations, call for a new and large issuance of IMF Special Drawing Rights (SDRs) to offer efficient, unconditional and rapid means of providing liquidity to all developing countries.
Accessing these critical global reserve funds requires the IMF Executive Directors and the G20 to make an urgent decision that impacts every person in the world.
The Honorable Minister for Finance of Ghana, Ken Ofori-Atta (TBC)
Andres Arauz, former Director of the Central Bank of Ecuador
Patricia Miranda, Global Advocacy Director, Latindadd
Jean Saldanha, Executive Director, Eurodad
Matthew Martin, Advisor of OIF Finance Ministers and Director of Development Finance International
Eric LeCompte, Executive Director, Jubilee USA Network (Moderator)
During this webinar, we will address:
- What are SDRs, how are they issued, and how do they work?
- Why were they issued in previous global financial crises, like 2008?
- How do SDRs benefit low and middle income countries to fight the current health, economic and social crisis?
- What is the amount of financial reserves that is needed?
- What is the process of distributing SDRs from developed to developing countries?
- What, if any, power do these actions give the IMF over countries?
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