Aldo Caliari and Jubilee USA are featured in the Norwegian newspaper Bistandsaktuelt on the IMF's new $100 billion in Special Drawing Rights (SDRs) to developing countries. Read an excerpt in English below, and click here for the full story.

IMF Will Secure $100 Billion to Developing Countries in Crisis

By Asle Olav Rønning

Aldo Caliari, head of policy-making at Jubilee USA Network , an organization that works to help debt relief for developing countries, says the planned expansion of the IMF's SDRs is a step forward. He points out that a number of actors have worked intensively for more than a year from the time the proposal first came out until it is now time to adopt it.

At the same time, he believes the needs are even greater than what is now on the table. SDRs are not a precise tool, because they are a scheme that applies to all countries.

Jubilee USA Network argued for an SDR allocation of 300 billion dollars precisely because of the skewed distribution, where only about a third of the amount goes to developing countries, Caliari writes in an email to Bistandsaktuelt.

He refers to estimates from the IMF that low-income countries alone will need $200 billion to get through the pandemic, and another $250 billion to return to the same development path for economic growth as high-income countries.

 

Read more here.