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.”