Devex highlights Jubilee and the United States Conference of Catholic Bishops' letter to the White House for global debt relief expansion. Read an excerpt below, and click here for the full story.
In Brief: Catholic bishops call on Biden to expand debt relief, aid
By Adva Saldinger
The G-20 group of countries is nearing a consensus for an issuance of about $500 million worth of SDRs, but it is unclear if the Biden administration will support the move. Former President Donald Trump’s administration had opposed it. A $3 trillion issuance would require congressional approval, adding a hurdle that could be avoided with the smaller issuance.
The letter, sent by USCCB and the Jubilee USA Network, also calls for debt relief to be extended beyond the lowest-income countries and made available to middle-income nations. The G-20’s “Common Framework” debt process should “include the private sector, be timely, and cut debts to sustainable levels while lifting social protections and reducing poverty,” the letter states.
Read the full article here.