Bloomberg features Jubilee's letter to the IMF supporting special drawing rights in light of upcoming G20 agreements. Read an excerpt below, and click here for the full story.
G-20 Moves Toward Consensus on IMF Reserve Firepower Boost
By Saleha Mohsin, Alessandra Migliaccio, and Eric Martin
Yellen on Thursday endorsed strengthening support for developing nations, saying that “without further international action to support low-income countries, we risk a dangerous and permanent divergence in the global economy.” The IMF and World Bank “must continue to play a role in financing the global health response,” she said.
While an expansion in the IMF’s resources could help low-income nations in the fight against the coronavirus, the G-20 and others need to work toward “greater transparency and accountability” in the use of the fund’s firepower.
More than 200 groups, including the Jubilee USA Network, had called on the G-20 to support the creation of $3 trillion in SDRs. They say the funds are needed to provide debt relief in developing nations and help free up resources for health care and social spending. Some Democrats in Congress have pledged support for a similar-sized move.
Read the full article here.