Jubilee USA Executive Director Eric LeCompte's comments were featured by hundreds of outlets Friday ahead of the G20 finance minister meeting being held on July 18. Read an excerpt below and find the full story here.
G-20 May Now Look Beyond Initial Debt Relief to Poor Nations
By Eric Martin and Marton Eder
However, charities including Oxfam said the relief so far to the world’s poorest nations is “woefully inadequate.” Saturday’s discussions could touch on extending the debt pause beyond 2020 and adding middle-income countries, said Eric LeCompte of Jubilee USA Network, a nonprofit group that advocates for debt relief for smaller economies.
France’s main priorities for the meeting will be to extend the moratorium on debt service for the poorest countries to 2021 and encourage international negotiations for digital and minimum taxation, Finance Minister Bruno Le Maire said. Discussion regarding a new allocation of special drawing rights at the IMF will likely remain on the table, according to a finance ministry official.
A proposal to increase these reserve assets, which would boost the IMF’s lending power, was blocked by the U.S. at the lender’s April meeting. However, China’s central bank governor on Thursday called on the IMF to use a new issue of SDRs to help developing countries.
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