Eric LeCompte and Jubilee USA featured in the New York Times on the IMF's backing of $650 billion in global reserve funds to help developing countries. Read an excerpt below, and click here for the full story.
I.M.F. Board Backs $650 Billion Aid Plan to Help Poor Countries
By Alan Rappeport
The International Monetary Fund took a step on Friday toward easing widening global inequality and helping poor nations access vaccines, saying that its executive board approved a plan to issue $650 billion worth of reserve funds, which countries can use to purchase vaccines, finance health care and pay down debt.
Jubilee USA Network, a non-profit organization that advocates for debt relief for poor countries, praised the move by the I.M.F. and called on wealthy countries to do more to help.
“This is the biggest creation of emergency reserve funds that we’ve ever seen and developing countries will immediately receive more than $200 billion,” said Eric LeCompte, executive director of Jubilee USA Network. “Wealthy countries who receive emergency reserves they don’t need should transfer those resources to developing countries struggling through the pandemic.”
Read more here.