Jubilee USA Letter to G20 Calls for Quick Special Drawing Rights Allocation

Jubilee USA, working with global partners, launched an open letter to G20 Finance Ministers and the IMF calling for a quick allocation of global reserve funds – Special Drawing Rights – to support developing countries' global coronavirus crisis response and recovery efforts. 

The letter is open for organizational signatures until February 22, 2021.

Open Letter to G20 Finance Ministers and the IMF: Civil Society Organizations Call for Quick Special Drawing Rights Allocation

COVID-19 spurred health, social and economic crises that hit developing countries the hardest. The pandemic deepened development and inequality challenges and erased years of progress on poverty reduction and women’s rights. Countries continue to face fallen revenues, lower foreign exchange earnings and higher fiscal and debt burdens. Many of these countries cannot afford expenditures vital to bring the pandemic under control, increase social protection to survive lockdowns and prepare to recover with equity and resilience. Of the trillions spent on stimulus packages around the world so far, wealthy countries account for 88 percent, while developing countries account for the rest.

A multilateral solution is needed. One that will not push low- and middle-income economies into further debt distress. To that end, we ask that you urgently support a new allocation of IMF Special Drawing Rights (SDRs) in the amount of US$3 trillion. We believe that an allocation of this size is required to address the real needs in a decisive and sustainable way. In 2009, the international community responded to a crisis of much smaller scope and proportions with an allocation of US$250 billion in Special Drawing Rights. This initiative had a significant role in restoring market confidence and supporting global recovery. Last year, even before the scale of this crisis was clear, IMF estimates placed emerging economies’ financing needs at US$2.5 trillion.

A new and significant allocation of SDRs would enable countries to boost reserves and stabilize economies, helping to minimize other economic losses. It would free up funds urgently needed for the pandemic response, including gender-responsive public health systems, universal social protection and comprehensive vaccine rollouts. It would also provide much-needed foreign exchange resources to countries whose capacity to earn them continues to be severely constrained in the short to medium term. SDRs do not add to countries’ debt burdens, promote debt sustainability and do not represent a loss for anyone – only a gain. Importantly, they would provide a liquidity injection with economic stimulus benefits worldwide.

So far, the international financial response to the pandemic crisis fails to uphold the standard of solidarity we all should expect in the face of such threat. A new SDR allocation would send a strong signal of renewed multilateral coordination that puts life first and is within your immediate reach. We ask for your leadership in ensuring the international community rises up to this historic moment to do what is needed.

Click here to add your organization's signature.

SIGNED:

ORGANIZATIONS

    1. Act Church of Sweeden
    2. ActionAid International
    3. Africa Community Engagement
    4. Africa Faith and Justice Network
    5. Africa Intercultural Development Support Trust
    6. African Center for Economic Transformation (ACET)
    7. African Forum and Network on Debt and Development (AFRODAD)
    8. Agir ensemble pour les droits humains
    9. American Friends Service Committee
    10. Arab Watch Coalition
    11. Asia Pacific Forum on Women, Law and Development (APWLD)
    12. Asociación Ambiente y Sociedad, Colombia-LA
    13. Asociación Interamericana para la Defensa del Ambiente (AIDA)
    14. Association of Women of Southern Europe AFEM
    15. Bretton Woods Project (BWP)
    16. CADTM Afrique (Comité pour l’Abolition des Dettes illégitimes) Central Africa and North Africa
    17. CARE International
    18. Center for Democracy and Development (CDD)
    19. Center for economic and policy priorities
    20. Center for Economic and Policy Research (CEPR)
    21. Center for Economic and Social Rights (CESR)
    22. Center for Participatory Research and Development-CPRD
    23. Christian Aid
    24. CODEPINK
    25. DAWN (Development Alternatives with Women for a New Era)
    26. DIAKONIA
    27. Documentation and Infomation Network for Indigenous peoples Sustainability (DINIPS)
    28. Dominican Leadership Conference
    29. Economic Justice Network of FOCCISA Africa
    30. Equidad de Género: Ciudadanía, Trabajo y Familia
    31. European Network on Debt and Development (EURODAD)
    32. Feminist Task Force
    33. FOKUS – Forum for Women and Development
    34. FONDATION EBOKO
    35. Gender Action
    36. Gender and Development Network
    37. Gestos Brazil, Latin America
    38. Global Call to Action Against Poverty (GCAP)
    39. Global Forum of Communities Discriminated on Work and Descent (GFoD)
    40. Global Policy Forum
    41. Indigenous Peoples Global Forum for Sustainable Development, IPGFforSD (International Indigenous Platform)
    42. Initiative for Social and Economic Rights (ISER), Africa
    43. Institute for Economic Justice South Africa
    44. Institute of the Blessed Virgin Mary – Loreto Generalate
    45. Instituto de Estudos Socioeconômicos (INESC)
    46. Instituto para el desarrollo y la paz amazónica
    47. International Trade Union Confederation (ITUC)
    48. International Women’s Rights Action Watch Asia Pacific (IWRAW Asia Pacific)
    49. Jubilee Debt Campaign UK
    50. Jubilee USA Network
    51. Latin American Network for Economic and Social Rights (LATINDADD)
    52. Lithuanian NGDO Platform
    53. MY World Mexico
    54. Norwegian Church Aid Regional office in Southern Africa
    55. Observatori del Deute en la Globalització
    56. Observatorio Cidadão para Saúde
    57. Oikos – Cooperação e Desenvolvimento
    58. OXFAM INTERNATIONAL
    59. Public Eye
    60. Recourse, Europe
    61. Red de Justicia Fiscal de América Latina y El Caribe
    62. SERR Latin America
    63. Social Justice in Global Development
    64. Society for Conservation and Sustainability of Energy and Environment in Nigeria (SOCSEEN)/Afrihealth Optonet Association
    65. Society for International Development (SID)
    66. Southern and Eastern Africa Trade Information and Negotiations Institute
    67. Temple of Understanding
    68. The Human Rights and Privatization Project, NYU School of Law Center for Human Rights and Global Justice
    69. Third World Network (TWN)
    70. Tripla Difesa Onlus
    71. Uganda Debt Network Uganda, East Africa
    72. Uhuru Community Development Project
    73. Urgent Action Fund for Women’s Human Rights
    74. Urgewald e.V.
    75. VIVAT International
    76. WEMOS
    77. Women Engage for a Common Future – WECF
    78. Women in Migration Network – WIMN
    79. Women’s Working Group on Financing for Development (WWG on FfD)
    80. 11.11, Belgium
    81. Abibiman Foundation, Ghana
    82. Action Corps, United States
    83. Action Développement et Intégration Régionale, Burundi
    84. ActionAid USA, United States
    85. Africa Global Wealth Creation, Kenya
    86. Ageing Nepal, Nepal
    87. American Federation of Labor and Congress of Industrial Organizations AFL-CIO, USA
    88. Alliance for Empowering Rural Communities, Ghana
    89. Asociación COVIDA, Colombia
    90. Association for Promotion Sustainable Development, India
    91. ASSOCIATION MALIENNE POUR LA SAUVEGABIF, Mali
    92. ASSOCIATION POUR LES VICTIMES DU MONDE, Cameroon
    93. Association pour l’Integration et le Developpement Durable au Burundi (AIDB), Burundi
    94. Bangladesh Unnayan Parishad, Bangladesh
    95. CAFOD, United Kingdom
    96. CAFSO-WRAG for Development, Nigeria
    97. Carbone Guinée, Guinea
    98. CDIA, Paraguay
    99. Cedecam, Nicaragua
    100. Center for Peace Education and Community Development, Nigeria
    101. Centre for Budget and Governance Accountability, India
    102. Centre for Global Political Economy, Simon Fraser University, North America
    103. Centre for Muslim Youth In Peace And Development, Ghana
    104. Centre for Trade Policy and Development, Zambia
    105. Centro de Derechos Económicos y Sociales – CDES, Ecuador
    106. Centro de Estudios del Trabajo, Colombia
    107. Centro de Estudios Paraguayos Padre Antonio Guasch (CEPAG), Paraguay
    108. Centro de Investigación Sobre Inversión y Comercio, El Salvador
    109. CESC (civil society C. B. Center), Mozambique
    110. Civil Society Coalition on Sustainable Development, Nigeria
    111. Civil Society Education Coalition, Malawi
    112. Civil Society SDGs Campaign-GCAP, Zambia
    113. CLEAN (Coastal Livelihood and Environmental Action Network), Bangladesh
    114. CNCD-11.11.11, Belgique
    115. Comisión de Justicia Social de Chimbote, Perú
    116. Comisión Nacional de Enlace, Costa Rica
    117. Community Resource Centre Foundation, Thailand
    118. CONEYSO, Panamá
    119. Conseil des Facilitateurs des Pays des Grands Lacs, Republique Democratique du Congo
    120. CooperAcción, Peru
    121. Corporación de Investigación y Acción Social y Económica CIASE, Colombia
    122. CPM Micaela Bastidas, Peru
    123. Croatian Platform for International Citizen Solidarity – CROSOL Croatia
    124. Dalit NGO Federation, Nepal
    125. Debt Justice Norway, Norway
    126. DECIDAMOS, Paraguay
    127. Demand Progress, United States
    128. Emonyo Yefwe International, Kenya
    129. Equipos Docentes del Perú
    130. de / Jubilee Germany
    131. Estonian Roundtable for Development Cooperation, Estonia
    132. Excellent World Foundation, Nigeria
    133. Federation of Environmental and Ecological Diversity for Agricultural Revampment and Human Rights (FEEDAR & HR), Cameroon
    134. FOCSIV Italian Federation Christian NGOs, Italy
    135. Fondo Semillas México
    136. Foro Social de Deuda Externa y Desarrollo de Honduras (FOSDEH), Honduras
    137. Forum de Monitoria do Orcamento, Mozambique
    138. Forum Solidaridad Perú
    139. Foundation For Sustainable Development And Climate Action (FSDCA), India
    140. FOVIDA, Peru
    141. Friends of the Earth U.S.
    142. Fundación Ambiente y Recursos Naturales (FARN), Argentina
    143. Fundación Constituyente XXI, Chile
    144. Fundación Mexicana para la Planeación Familiar, A. C. MEXFAM, México
    145. Fundación SES, Argentina
    146. Gatef organizations, Egypt
    147. GCAP Italy
    148. GCAP Sénégal
    149. Global Humaniste, Togo
    150. Gobierno Territorial Autonomo de la Nacion Wampis, Peru
    151. Gopal Kiran Samaj Sevi Sanstha Gwalior, India
    152. Grupo de Formación e Intervención para el Desarrollo Sostenible (GRUFIDES), Peru
    153. Halley Movement Coalition, Mauritius
    154. Hellenic Platform for Development, Greece
    155. Humanité Solidaire
    156. Institución Universitaria Colegio Mayor de Antioquia, Colombia
    157. Instituto Justiça Fiscal, Brazil
    158. Instituto Popular de Capacitación-IPC, Colombia
    159. Jeunesse Active de Guinee (JAG), Guinea
    160. Jubileo 2000 Red Ecuador
    161. Justice is Global, United States
    162. Kenya Small Scale Farmers Forum KESSFF, Kenya
    163. KOTHOWAIN (vulnerable peoples develpment organization) Bangladesh
    164. Ligue camerounaise des droits humains Nationale, Cameroon
    165. Maryknoll Office for Global Concerns, United States
    166. Movimiento TZUK KIM POP, Guatemala
    167. Murna Foundation, Nigeria
    168. NARRATIVA ECONOMICA
    169. National Campaign for Sustainable Developmen, Nepal
    170. Nawi – Afrifem Macroeconomics Collective, Kenya
    171. NRDS, Bangladesh
    172. NETWORK OF RURAL WOMEN PRODUCERS TRINIDAD AND TOBAGO, Trinidad & Tobago
    173. New Generation Outreach, Kenya
    174. NGO Federation of Nepal
    175. NGO Platform on Climate Change, Mauritius
    176. Norwegian Church Aid Norway
    177. NRDS, Bangladesh
    178. N’weti, Mozambique
    179. Ohaha Family Foundation, Nigeria
    180. ONE, SINGAPORE
    181. Pakistan Development Alliance, Pakistan
    182. People’s Health Movement, USA
    183. Philippine Rural Reconstruction Movement, Philippines
    184. PA Women’s organization Alga, Kyrgyzstan
    185. Plateforme d’Information et d’Action sur la Dette et le Développement (PIADD-Guinée)
    186. Plateforme Française Dette & Développement (PFDD), France
    187. Plateforme nationale des Citoyens Unis pour le Développement (PCUD) Nationale, Guineé
    188. Por Un Mundo Más Justo, España
    189. Psychological Responsiveness NGO, Mongolia
    190. National Coalition of Civil Society Organizations of Liberia
    191. Reacción Climática, Bolivia
    192. Red de Mujeres para el empoderamiento político y económico de la provincia de Velez, Colombia
    193. Red Dot Foundation Global, USA
    194. Red Dot Foundation, India
    195. Red Mexicana de Acción frente al Libre Comercio (RMALC), México
    196. RENICC, Nicaragua
    197. RGIC, Romania
    198. RIGHTS Foundation, Indonesia
    199. Robin Hood Tax, UK
    200. Rozaria Memorial Trust, Zimbabwe
    201. Rural Area Development Programme (RADP), Nepal
    202. Rural Infrastructure and Human Resource Development Organization (RIHRDO), Pakistan
    203. Sanayee Development Organization (SDO), Afghanistan
    204. SDSN Kenya Youth Initiative, Kenya
    205. Servicios Ecumenicos para Reconciliacion y Reconstruccion, United States
    206. Sisters of Charity Federation, United States
    207. Sisters of Mercy of the Americas, United States
    208. Society for Promoting Rural Education and Development ( SPREAD), India
    209. Stamp Out Poverty, United Kingdom
    210. State Employees Federation, Mauritius
    211. Tanzania coalition on debt and development, Tanzania
    212. Uganda Debt Network Uganda, East Africa
    213. WIDE, Austria
    214. Willow Empowerment for Grass Root Development Initiative, Nigeria
    215. Women in Democracy and Governance (WIDAG), Kenya
    216. Women’s Rehabilitation Centre (WOREC), Nepal
    217. Zambia Institute for Labour Research and Development (ZILARD), Zambia

ACADEMIA/RESEARCHER 

  1. Alberto Arroyo Picard, Investigador jubilado Universidad Autónoma Metropolitana, México
  2. Diane Elson, Professor, University of Essex, UK
  3. Elisa Van Waeyenberge, SOAS University of London, UK
  4. Fredy Trujillo, investigador Narrativa Económica – Ecuador
  5. Gabriele Koehler, Independent development economist, UNRISD senior research fellow
  6. James Naughton, SOAS PhD student focused on the IMF and responses to crises in the 21st Century, SOAS, UK
  7. Jessica Dempsey, University of British Columbia, North America
  8. Martin S. Edwards, Associate Professor School of Diplomacy and International Relations, Seton Hall University, United States
  9. Patricia Jaramillo, Universidad Nacional de Colombia