La Prensa Grafica cites Jubilee USA on the new $400 million reserve funds for El Salvador

La Prensa Grafica quoted Eric LeCompte on the new allocation of $400 million through Special Drawing Rights for El Salvador. Read an excerpt below, and click here for the full story.

FMI otorgar√° $400 millones para El Salvador por pandemia

By Claudia Espinoza

Resources will be delivered through Special Drawing Rights (SDR), which are funds to complement the reserves of the countries.

The International Monetary Fund (IMF) will grant $ 400 million to El Salvador to face the covid-19 crisis, being one of the most benefited countries in the region, in addition to Ecuador and Argentina, which will receive $1 billion and $4.3 billion respectively.

Eric LeCompte, Executive Director of Jubilee USA Network, said this outlay will not be enough. "Rich countries that receive emergency reserves they don't need should transfer those resources to developing countries fighting the pandemic," he said.

 

Read More here.