G20 heads of state meet in New Delhi, with global economic challenges, development, debt and climate on the agenda. The leaders released their summit declaration.
Eric LeCompte is the Executive Director of the religious development group Jubilee USA Network who has tracked G20 meetings since 2010. LeCompte, releases the following statement on the G20 Leaders' Summit and Declaration:
"Amidst government tensions and global crises, it's pretty amazing the G20 agreed on a declaration.
"The G20 recognized that only 12 percent of the 2030 global development goals are on track.
"Debt relief is essential if countries are to have a chance at achieving development goals that reduce poverty and protect our planet.
"The G20 agreed that existing debt relief processes need to be faster, predictable, efficient and comprehensive.
"Unfortunately, actions to improve debt relief are moving too slowly.
"We still don't have a vehicle to push greater participation of debt relief from the private sector.
"With 60 countries in debt crises and skyrocketing interest rates, we only have a G20 process that has involved 4 countries.
"We are at a point where the G20 needs to do much more on debt relief to ease the growing global debt crisis.
"The G20 development bank expert group called for increasing resources for development banks by $260 billion annually.
"The G20 needs to figure out how to get these resources that are critical for addressing poverty.
"G20 finance ministers meet in Marrakesh in October to discuss further measures on strengthening development banks.
"Ahead of the meeting, the IMF reported that the use of $650 billion of emergency pandemic aid or Special Drawing Rights was effective.
"The poorest countries were able to afford vaccines and essential services for their people due to Special Drawing Rights.
"The IMF report hints at the important role Special Drawing Rights could play in future international assistance efforts.
"The decision to make the African Union a permanent member of the G20 gives a voice to the poorest and most climate-vulnerable region in the world."
Read the G20 declaration here.
Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org
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