AP features Eric LeCompte on the IMF's decision to create $650 billion global reserve funds.

Read an excerpt below, and click here for the full story.

IMF approves $650 billion expansion to fight pandemic

By Martin Crutsinger

Eric LeCompte, executive director of the religious-affiliated development group Jubilee USA Network, said that the IMF action would allow developing countries to immediately receive more than $200 billion in support.

“Wealthy countries who receive emergency reserves they don't need should transfer those resources to developing countries struggling through the pandemic,” LeCompte said.

More than six months after vaccines became available, reported COVID-19 deaths worldwide have fallen to about 7,800 each day, after topping out at over 18,000 a day in January. The World Health Organization recorded just under 54,000 deaths last week, the lowest weekly total since last October.

However, COVID-19 has illuminated global inequities as deaths worldwide climbed to 4 million, a milestone recorded Wednesday by Johns Hopkins University.

Vaccination drives are barely getting started in Africa and other desperately poor corners of the world because of extreme shortages of shots.

To fund the spending, the IMF will expand its Special Drawing Rights, a currency reserve that can be tapped by IMF member countries.

 

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