Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored G20, IMF and World Bank meetings since 2010, releases the following statement on the G20 finance ministers meeting chaired by Brazil during the IMF and World Bank Meetings:
“The G20 focused on rising debt payments for developing countries.
"The G20 should not treat what is happening as a short-term debt payment problem. We are experiencing the most significant global debt crisis in decades.
"If we don't agree on a faster and more effective debt relief process, we will experience recurring debt crises that impact economies of developed and developing countries.
"The group agreed on reforms that will increase development bank finance by $35 billion a year.
"Brazil's G20 Presidency set a path to reach climate and development targets. The question is how long will it take for the G20 to follow it and whether the world has enough time.
"An important outcome was connecting some global development reforms to track poverty reduction.
"We hoped to see more consensus on debt swap frameworks. That was low hanging fruit.
"The Brazilian G20 Presidency effectively shed light on the need for taxation of the ultra-wealthy.
"Tax measures gained broader support at the G20 this year.
"The G20 managed to make some decisions on global economic issues but war and conflict continue to make it difficult to reach consensus."
Find Jubilee USA IMF and World Bank Annual Meetings event details here.
Read Jubilee USA's statement on the IMF World Economic Outlook report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.