Friends,
We are sharing some good news amidst these trying times.
Together - we just won three of our campaigns in the last 48 hours! And since we launched our coronavirus campaigns, we see mind-blowing progress every day.
- Moments ago the IMF agreed to our proposal to expand debt relief, as the coronavirus spreads, to the world's poorest countries to bolster healthcare
- The IMF just announced it will double its capacity to do below market-rate lending to all countries to prevent financial crisis in the face of the coronavirus
- On Wednesday, after two years of work, the IMF supported the plan to reduce Somalia's debt from $5 billion to $577 million
Almost everyday this week we saw the IMF and world leaders endorse parts of our Covid-19 plans to lift the vulnerable and protect all of us from financial crisis. After weeks of preparation and engagement, Jubilee USA's leadership sent a three page letter outlining a detailed global coronavirus plan to bolster healthcare in the developing world by canceling debt and delivering aid, mobilize additional resources to help all countries prevent financial crisis, use debt moratoriums and better debt restructuring to help countries in distress and raise revenues by curbing corruption, tax evasion and risky market behavior. By Tuesday, you were signing our action alert and sending additional messages to the IMF. While we are winning - we still have more goals we need to move forward right away in our coronavirus fight - so if you haven't signed our petition to the IMF, please sign it now. African Finance Ministers were demanding to stop paying debt to free up $44 billion to fight the virus and Ecuador's congress was raising the alarm on debt payments.
On Wednesday the IMF and World Bank were repeating our calls to the G20 and wealthy countries to stop collecting debt payments because of the coronavirus emergency. The IMF and World Bank wanted debt payments suspended for the world's 76 poorest countries. More than 65% of those who live in extreme poverty call these 76 countries home. In the midst of this, Somalia's debt relief plan was made official. Then on Thursday, President Trump and the G20 had a virtual meeting and discussed parts of our emergency Jubilee USA Covid-19 plan.
Just hours ago, the IMF leadership announced more good results from our campaigning. In a statement that was magnified in a press conference from IMF head Kristalina Georgieva, the Fund agreed to debt relief for poor countries and committed to doubling lending resources as 80 countries are requesting emergency financing.
Eric LeCompte's reactions to today's IMF press conference are featured in thousands of newspapers around the world today - read our views in the New York Times and Associated Press.
The Catastrophe Containment and Relief Trust is our debt relief mechanism that can offer debt relief and healthcare grants for poor countries. The mechanism was last used to relieve debt and deliver healthcare grants to Liberia, Sierra Leone and Guinea during the 2014 Ebola epidemic. In 2014, Jubilee USA and our Executive Director, worked with the White House, US Treasury, IMF and G20 to create the Ebola debt relief mechanism. Now that mechanism is being used for the poorest countries as they fight the coronavirus.
Our coronavirus campaigns are just getting going to lift the vulnerable and protect all of us from financial crisis. If you signed our petition, please share it with your friends, family and community.
We are so grateful to work on these critical efforts with you.
In hope,
Kate Zeller
Campaigns Director
Twitter: @katejbu
https://jubileeusa.org/support-us