Eric LeCompte quoted in IOL article about IMF emergency funding

Eric LeCompte was quoted in Independent Online about the recent round of IMF Emergency Funding to South Africa for COVID-19. Read an excerpt below and click here for the full article. 

IMF provides R65bn emergency funding for SA to tackle Covid-19

By Siphelele Dludla

Last year, the IMF approved South Africa's request for emergency financial assistance of nearly R70bn under the Rapid Financing Instrument to meet the urgent balance of payment needs stemming from the outbreak of the pandemic.

However, there has been concern over the distribution of the SDRs as African nations will receive only $33bn when they require about $450bn to rebuild their economies, over the next five years.

More than $230bn of SDRs goes to developing low-income and middle-income countries, while the G7 countries will receive more than $280bn.

Director of American lobby group Jubilee USA Network, Eric LeCompte, on Friday, said it was unfair that about 40 percent of all of the emergency currency will be received by seven of the world's wealthiest countries.

“The G7 and other wealthy countries don't need these reserve funds and should donate them to developing countries for pandemic response,” LeCompte said.

Read more here.