Bloomberg quotes Eric LeCompte on Jubilee USA's meeting with the Treasury Secretary and major faith leaders. Read an excerpt below, and click here for the full story.
IMF Mulls Creating $650 Billion in Reserves After Yellen Nod
By Eric Martin and Saleha Mohsin
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. They say the funds are needed to help free up resources for health care and social spending. Some Democrats in Congress had pledged support for a similar-sized move.
But an SDR issuance of roughly $650 billion would be about the maximum that the U.S. Treasury can support without needing to getapproval from Congress, depending on the exchange rate.
“This announcement is incredible progress,” said Eric LeCompte, the executive director of Jubilee USA Network. “Developing countries need these resources to confront the crisis as soon as possible."
Read the full article here.