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. 

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.

SIGNED:

ORGANIZATIONS

1. Act Church of Sweden
2. ActionAid International
3. ADRA
4. Africa Community Engagement
5. Africa Faith and Justice Network
6. Africa Intercultural Development Support Trust
7. African Center for Economic Transformation (ACET)
8. African Forum and Network on Debt and Development (AFRODAD)
9. Agir ensemble pour les droits humains
10. American Friends Service Committee
11. Arab Watch Coalition
12. Asia Pacific Forum on Women, Law and Development (APWLD)
13. Asociación Ambiente y Sociedad, Colombia-LA
14. Asociación Interamericana para la Defensa del Ambiente (AIDA)
15. Association of Women of Southern Europe AFEM
16. Avaaz
17. Bretton Woods Project (BWP)
18. CARE International
19. Center for Democracy and Development (CDD)
20. Center for economic and policy priorities
21. Center for Economic and Policy Research (CEPR)
22. Center for Economic and Social Rights (CESR)
23. Center for Participatory Research and Development-CPRD
24. Christian Aid
25. CODEPINK
26. COPE Cooperazione Paesi Emergenti
27. DAWN (Development Alternatives with Women for a New Era)
28. DIAKONIA
29. Documentation and Infomation Network for Indigenous peoples Sustainability (DINIPS)
30. Dominican Leadership Conference
31. Economic Justice Network of FOCCISA Africa
32. Equal Asia Foundation
33. Equidad de Género: Ciudadanía, Trabajo y Familia
34. East African Budget Network
35. European Network on Debt and Development (EURODAD)
36. Feminist Task Force
37. FOKUS – Forum for Women and Development
38. FONDATION EBOKO
39. Gender Action
40. Gender and Development Network
41. Gestos Brazil, Latin America
42. Global Call to Action Against Poverty (GCAP)
43. Global Forum of Communities Discriminated on Work and Descent (GFoD)
44. Global Policy Forum
45. Indigenous Peoples Global Forum for Sustainable Development, IPGFforSD (International Indigenous Platform)
46. Initiative for Social and Economic Rights (ISER), Africa
47. Institute for Economic Justice South Africa
48. Institute of the Blessed Virgin Mary – Loreto Generalate
49. Instituto de Estudos Socioeconômicos (INESC)
50. Instituto para el desarrollo y la paz amazónica
51. International Trade Union Confederation (ITUC)
52. International Women’s Rights Action Watch Asia Pacific (IWRAW Asia Pacific)
53. Jubilee Debt Campaign UK
54. Jubilee USA Network
55. Latin American Network for Economic and Social Rights (LATINDADD)
56. Lithuanian NGDO Platform
57. MY World Mexico
58. Norwegian Church Aid Regional office in Southern Africa
59. Observatori del Deute en la Globalització
60. Observatorio Cidadão para Saúde
61. Oikos – Cooperação e Desenvolvimento
62. OXFAM INTERNATIONAL
63. Public Eye
64. Recourse, Europe
65. Red de Justicia Fiscal de América Latina y El Caribe
66. SERR Latin America
67. Social Justice in Global Development
68. Society for Conservation and Sustainability of Energy and Environment in Nigeria (SOCSEEN)/Afrihealth Optonet Association
69. Society for International Development (SID)
70. Southern and Eastern Africa Trade Information and Negotiations Institute
71. Stand.earth
72. Temple of Understanding
73. The Human Rights and Privatization Project, NYU School of Law Center for Human Rights and Global Justice
74. Third World Network (TWN)
75. Tripla Difesa Onlus
76. Uhuru Community Development Project
77. Urgent Action Fund for Women’s Human Rights
78. Urgewald e.V.
79. VIVAT International
80. WaterAid
81. WEMOS
82. Women Engage for a Common Future – WECF
83. Women in Migration Network – WIMN
84. Women’s Working Group on Financing for Development (WWG on FfD)
85. 11.11, Belgium
86. Abibiman Foundation, Ghana
87. ACEP – Portugal
88. Action Corps, United States
89. Action Développement et Intégration Régionale, Burundi
90. ActionAid – Sierra Leone
91. ActionAid USA, United States
92. Africa Global Wealth Creation, Kenya
93. Ageing Nepal, Nepal
94. American Federation of Labor and Congress of Industrial Organizations AFL-CIO, USA
95. Alliance for Empowering Rural Communities, Ghana
96. Asociación COVIDA, Colombia
97. Association for Promotion Sustainable Development, India
98. ASSOCIATION MALIENNE POUR LA SAUVEGABIF, Mali
99. ASSOCIATION POUR LES VICTIMES DU MONDE, Cameroon
100. Association pour l’Integration et le Developpement Durable au Burundi (AIDB), Burundi
101. Bangladesh Unnayan Parishad, Bangladesh
102. Bread for the World – USA
103. Bulgarian Gender Research Foundation
104. CAFOD, United Kingdom
105. CAFSO-WRAG for Development, Nigeria
106. Campaign for Human Rights and Development International – Sierra Leone
107. Carbone Guinée, Guinea
108. Caritas – Ghana
109. CCFD-Terre Solidaire – France
110. CDIA, Paraguay
111. Cedecam, Nicaragua
112. Center for Peace Education and Community Development, Nigeria
113. Centre for Budget and Governance Accountability, India
114. Centre for Global Political Economy, Simon Fraser University, North America
115. Centre for Muslim Youth In Peace And Development, Ghana
116. Centre for Trade Policy and Development, Zambia
117. Centro de Derechos Económicos y Sociales – CDES, Ecuador
118. Centro de Estudios del Trabajo, Colombia
119. Centro de Estudios Paraguayos Padre Antonio Guasch (CEPAG), Paraguay
120. Centro de Investigación Sobre Inversión y Comercio, El Salvador
121. CESC (civil society C. B. Center), Mozambique
122. Civil Society Coalition on Sustainable Development, Nigeria
123. Civil Society Education Coalition, Malawi
124. Civil Society SDGs Campaign-GCAP, Zambia
125. CHALLENGES International – Togo
126. CLEAN (Coastal Livelihood and Environmental Action Network), Bangladesh
127. CNCD-11.11.11, Belgique
128. Comisión de Justicia Social de Chimbote, Perú
129. Comisión Nacional de Enlace, Costa Rica
130. Community Resource Centre Foundation, Thailand
131. CONEYSO, Panamá
132. Conseil des Facilitateurs des Pays des Grands Lacs, Republique Democratique du Congo
133. CooperAcción, Peru
134. Corporación de Investigación y Acción Social y Económica CIASE, Colombia
135. CPM Micaela Bastidas, Peru
136. Croatian Platform for International Citizen Solidarity – CROSOL Croatia
137. Dalit NGO Federation, Nepal
138. Debt Justice Norway, Norway
139. DECIDAMOS, Paraguay
140. Demand Progress, United States
141. Ekumenická akademie – Chequia
142. Emonyo Yefwe International, Kenya
143. Equipos Docentes del Perú
144. Erlassjahr.de / Jubilee Germany
145. Estonian Roundtable for Development Cooperation, Estonia
146. Excellent World Foundation, Nigeria
147. Federation of Environmental and Ecological Diversity for Agricultural Revampment and Human Rights (FEEDAR & HR), Cameroon
148. FOCSIV Italian Federation Christian NGOs, Italy
149. Fondazione Pangea Onlus – Italy
150. Fondo Semillas México
151. Foro Social de Deuda Externa y Desarrollo de Honduras (FOSDEH), Honduras
152. Forum de Monitoria do Orcamento, Mozambique
153. Forum Solidaridad Perú
154. Foundation For Sustainable Development And Climate Action (FSDCA), India
155. FOVIDA, Peru
156. Friends of the Earth U.S.
157. Fundación Ambiente y Recursos Naturales (FARN), Argentina
158. Fundación Constituyente XXI, Chile
159. Fundación Mexicana para la Planeación Familiar, A. C. MEXFAM, México
160. Fundación SES, Argentina
161. Gatef organizations, Egypt
162. GCAP Italy
163. GCAP Sénégal
164. GESTOS – Brazil
165. Global Humaniste, Togo
166. Gobierno Territorial Autonomo de la Nacion Wampis, Peru
167. Gopal Kiran Samaj Sevi Sanstha Gwalior, India
168. Grupo de Formación e Intervención para el Desarrollo Sostenible (GRUFIDES), Peru
169. Halley Movement Coalition, Mauritius
170. Hellenic Platform for Development, Greece
171. Humanité Solidaire
172. Institución Universitaria Colegio Mayor de Antioquia, Colombia
173. Instituto Justiça Fiscal, Brazil
174. Instituto Popular de Capacitación-IPC, Colombia
175. Jamaa Resource Initiatives – Kenya
176. Jeunesse Active de Guinee (JAG), Guinea
177. Jubileo 2000 Red Ecuador
178. Justice is Global, United States
179. Kenya Small Scale Farmers Forum KESSFF, Kenya
180. KOTHOWAIN (vulnerable peoples develpment organization) Bangladesh
181. Ligue camerounaise des droits humains Nationale, Cameroon
182. LINK2007 – Italy
183. Marcha Mundial de Mujeres – Perú
184. Maryknoll Office for Global Concerns, United States
185. Movimiento TZUK KIM POP, Guatemala
186. Murna Foundation, Nigeria
187. NARRATIVA ECONOMICA
188. National Campaign for Sustainable Developmen, Nepal
189. Nawi – Afrifem Macroeconomics Collective, Kenya
190. NRDS, Bangladesh
191. NETWORK OF RURAL WOMEN PRODUCERS TRINIDAD AND TOBAGO, Trinidad & Tobago
192. New Generation Outreach, Kenya
193. NGO Federation of Nepal
194. NGO Platform on Climate Change, Mauritius
195. Norwegian Church Aid Norway
196. NRDS, Bangladesh
197. N’weti, Mozambique
198. Observatorio Mexicano de la Crisis
199. Ohaha Family Foundation, Nigeria
200. ONE, SINGAPORE
201. Pakistan Development Alliance, Pakistan
202. People’s Health Movement, USA
203. Philippine Rural Reconstruction Movement, Philippines
204. PA Women’s organization Alga, Kyrgyzstan
205. Plateforme d’Information et d’Action sur la Dette et le Développement (PIADD-Guinée)
206. Plateforme Française Dette & Développement (PFDD), France
207. Plateforme nationale des Citoyens Unis pour le Développement (PCUD) Nationale, Guineé
208. Por Un Mundo Más Justo, España
209. Psychological Responsiveness NGO, Mongolia
210. National Coalition of Civil Society Organizations of Liberia
211. Reacción Climática, Bolivia
212. Red de Mujeres para el empoderamiento político y económico de la provincia de Velez, Colombia
213. Red Dot Foundation Global, USA
214. Red Dot Foundation, India
215. Red Mexicana de Acción frente al Libre Comercio (RMALC), México
216. RENICC, Nicaragua
217. Réseau des organisations du secteur éducatifs nigeriens – Niger
218. RGIC, Romania
219. RIGHTS Foundation, Indonesia
220. Robin Hood Tax, UK
221. Rozaria Memorial Trust, Zimbabwe
222. Rural Area Development Programme (RADP), Nepal
223. Rural Infrastructure and Human Resource Development Organization (RIHRDO), Pakistan
224. Rwanda Green Initiative (RGI)
225. Sanayee Development Organization (SDO), Afghanistan
226. SDSN Kenya Youth Initiative, Kenya
227. Servicios Ecumenicos para Reconciliacion y Reconstruccion, United States
228. Sisters of Charity Federation, United States
229. Sisters of Mercy of the Americas, United States
230. Society for Promoting Rural Education and Development ( SPREAD), India
231. Stamp Out Poverty, United Kingdom
232. State Employees Federation, Mauritius
233. Tanzania coalition on debt and development, Tanzania
234. Tax Justice Network – Africa
235. Uganda Debt Network Uganda, East Africa
236. WIDE, Austria
237. Willow Empowerment for Grass Root Development Initiative, Nigeria
238. Women Empowerment Against Poverty of Nepal (WEAPoN)
239. Women’s Rehabilitation Centre (WOREC), Nepal
240. 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. Gilberto Andrés García Batista, Asociación de Pedagogos de Cuba
7. James Naughton, SOAS PhD student focused on the IMF and responses to crises in the 21st Century, SOAS, UK
8. Jessica Dempsey, University of British Columbia, North America
9. Learnmore Nyamudzanga, Sharlearn Research and Taxation Consultancy
10. Machiko Nissanke, SOAS, University of London
11. Martin S. Edwards, Associate Professor School of Diplomacy and International Relations, Seton Hall University, United States
12. Nkolo Ayissi Ernest, Nationalité Camerounaise
13. Oscar Ugarteche, investigador del Instituto de Investigaciones Económicas de la UNAM México
14. Patricia Jaramillo, Universidad Nacional de Colombia