Sudan Debt Relief Moves Forward

US Plays Major Role in Sudan Relief Effort

Washington DC – Under a debt relief plan won by advocates in the early 2000s, Sudan could see a drastic cut in its $50 billion debt this summer, according to the IMF and the World Bank. 

“Sudan’s debts would be cut by 85% under the debt relief plan,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network, which was a major force for the creation of the debt reduction process. “Debt relief cannot come soon enough for Sudan as the country struggles with the pandemic and a 50% poverty rate."

Thirty-seven, out of thirty-nine eligible countries, received debt relief under the Heavily Indebted Poor Countries Initiative or HIPC. In order for Sudan to receive a debt reduction it must meet IMF economic reforms and clear missed debt payments. The United States loaned $1.1 billion to Sudan to clear debt payment arrears to the World Bank and convened creditors to secure debt relief.

"The United States is an important leader in Sudan debt relief and is playing a crucial role in expanding debt relief policies during the pandemic," shared LeCompte, who worked with Republican and Democratic administrations for more than a decade on debt policies. "This relief for Sudan can support economic growth and stabilize a hard-won peace in a country where conflict raged for 17 years."

After Sudan obtains debt relief, Eritrea remains the lone country that could qualify under the HIPC debt relief plan won by Jubilee USA.

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US Supports Removal of Vaccine Trade Barrier

Washington DC - As developing countries struggle to access vaccines, the US announced support to eliminate trade barriers on vaccine access. In a statement Wednesday, the Biden Administration called for a waiver on COVID-19 vaccine intellectual property patents at the World Trade Organization.

“Less than 2% of vaccines reached poor countries,” said Eric LeCompte, the Executive Director of the religious development organization Jubilee USA Network. "Intellectual property rights prevent developing countries from making their own vaccines or accessing generic versions."

The IMF states that uneven vaccine access is a main cause of global economic uncertainty. 

"When the majority of countries are not accessing vaccines, the virus continues to mutate and could reinfect vaccinated people in wealthy countries," noted LeCompte. "Continuing coronavirus waves, in any part of the world, mean economic shocks from exports and imports for every country."

President Biden pledged $4 billion to a global fund to help poor countries acquire safe and effective vaccines.

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Eric LeCompte Addresses Special UN Session on COVID Response

United Nations ECOSOC Special Session on Small Island Developing States, Least Developed Countries and Landlocked Developing States: 
Financing a resilient recovery from the cascading effects of COVID-19 

23 April 2021

"The Promise of a Post Pandemic World Where We All Have Enough"

By Eric LeCompte, Executive Director, Jubilee USA Network
(Remarks as prepared for delivery)


Your Excellencies, it's good to be with you for this critical high-level event on COVID response for Small Island Developing States (SIDs), Landlocked Developing Countries (LLDCs) and some of the world's poorest countries or Least Developed Countries (LDCs). I'd like to especially thank His Excellency, Munir Akram for focusing us on countries struggling with specific disadvantages from the crisis.

As we are all aware, we face the most serious crisis of our lifetimes and no country has escaped the economic or health crises spurred by the wrath of this pandemic. 495 million jobs lost, 265 million more people face famine, 95 million more people entered the ranks of extreme poverty over the last year and millions of lives lost to COVID. From wealthy countries to poor countries, jobs are gone and millions of children experience hunger for the first time. 

With great sadness, we question whether our dream to reach the Sustainable Development Goals will ever be a reality. Will we have the ability to muster the political will not only to emerge from resilience from this great crisis, but to ensure our goals to end poverty, address inequality and protect our planet are realized?

Small islands, poor countries and landlocked nations faced considerable risks and vulnerabilities before the pandemic struck. The COVID pandemic made the situation worse and too many countries are left out of global agreements to deal with the crisis. These countries struggle to provide vaccines and lack aid to support jobs, address climate change and feed their people.

While this morning we highlighted the vulnerabilities unique to small islands, now we focus on the challenges and the solutions for the poorest, Least Developing Countries and Landlocked Developing Countries.

Let's be clear about the unique challenges LDCs and LLDCs face.

LDCs face acute vulnerability: relatively small economic size, sluggish progress of structural transformation and heightened dependence on external aid and finance, institutional weaknesses, political instability and in too many cases, conflict.

The proportion of the global poor in the LDCs more than doubled since 1990. Nearly half of the population in LDCs live in extreme poverty, compared to 12% in other developing  countries.

Economic growth is highly volatile in the poor LDCs. These are countries extremely vulnerable to external shocks such as sharp swings in trade, commodity prices, disasters and  pandemics. Before COVID we remember the shock to the three West African countries to Ebola.

LDCs suffer from aid dependence. Official Development Assistance (ODA) accounted for one third of total external development financing of Least Developed Countries in 2014–2017, as compared with just 4.5 per cent for all other developing countries.

The level of concessionality decreased –this is true for developing countries in general, but especially hits Least Developed Countries because they are so aid dependent. Grants are stagnant. The proportion of loans in total ODA disbursements to LDCs increased by more than 10 percentage points between 2011 and 2017, surpassing 25 per cent in 2017.

Before the pandemic, LDCs total stock of external debt more than doubled between 2007 and 2017, jumping from $146 billion to $313 billion. As of May 2019, 18 of the 46 LDCs covered by the Debt Sustainability Framework of the World Bank and International Monetary Fund, already faced debt crisis. These countries are relying more on commercial creditors and of bilateral non-Paris Club creditors.

While many Least Developed Countries are Landlocked developing countries, they all share in common challenges that are exacerbated by the corona crisis. Unsustainable debts, lack of health infrastructure, tax evasion, the relative size of the informal economy compared to the formal economy, weak tax administration systems, corruption, illicit financial flows and underperforming public institutions are some of the challenges.

More deeply LLDCs lack infrastructure – which they need to offset geographical constraints or "landlocked" constraints. An estimate of 2018 put infrastructure financing requirements to cover all components of infrastructure from 2018 to 2030 in the LLDCs to $180 billion or $15 billion a year in 2010 dollars. Their dependence on transit through neighbors made them more exposed to negative impacts because of restrictions the COVID response required.

The last great point of concern for both LDCs and LLDCs, is the lack of vaccine access. For the LDCs and LLDCs, across Africa - for example - less than 1% of their populations have been vaccinated.

Given the problems LDCs and LLDCs face, let us examine a few critical solutions to address the pandemic, have a chance of emerging from the crisis with resilience and get us back on track towards reaching the Sustainable Development Goals. Let me frame four areas that need our immediate attention for LDCs and LLDCs:

1.) Taxation - The US Treasury and IMF call for a global minimum corporate tax, is important and will raise global revenues. While we move towards consensus on this tax, this year, we must also acknowledge a common digital tax which could help raise the most significant revenues for developing countries.

2.) Increasing Aid flows - The countries we are discussing today need support. Two areas that are important are a reboot and increase to development banks to support highly concessional lending. These banks need more than $200 billion replenishment to deal with the needs of these countries. Additionally, with consensus moving forward on accessing global reserve funds or Special Drawing Rights (SDRs) of $650 billion, the $224 billion that will be immediately generated for developing low-income and middle-income countries will be essential. Now our conversation must turn to ensuring that the remainder $400 billion plus is reallocated in ways to support the needs of the countries we are discussing. SDRs reallocation should come as grants, not as more debt.

3.) Expanding debt reduction and transparency efforts is critical in several ways.

In terms of the G20 Common Framework to reduce debts.

A.) We need to be sure that all countries we are discussing can access debt reduction. So the framework needs to be expanded to include Middle-Income Countries that need relief, several of the landlocked countries we are focused on today.

B.) A promising feature of the Common Framework is that countries need to request comparable treatment from private sector. In spite of UN, US, G20, World Bank and IMF calls for the private sector to participate, much of the private sector continues to resist. Given LDCs and LLDCs are more dependent on commercial and private lending, these countries need the private sector to participate. We must ensure that the Common Framework compels comparable treatment from the private creditors.

C.) Given that these countries will likely continue to face debt challenges, we need to begin the conversation on how the Common Framework can lay the groundwork for a permanent facility.

D.) Beyond the Common Framework discussion, every country can protect themselves with the power of debt transparency. I urge all Small Island Developing States, Least Developed Countries and Landlocked Developing Countries to publish the terms of private and public debt contracts in a vehicle available for public review - before, the contracts are signed. This can be done in a national registry or newspaper. Taking this action would also remove the chief concern of the private sector on publicizing this information: competitiveness. Because all debt contracts would be publicly and transparently available, the issue of competitiveness becomes moot.

4.) Vaccine Distribution - Again, of the LDCs and LLDCs we discussed today in Africa, less than 1 percent of their populations have been able to access one dose of the vaccine.

A.) We must move forward a vaccine patent waiver so more production can move forward.

B.) Wealthy countries must start donating their surplus of vaccines to developing countries.

The vaccine question is critical for these countries in terms of economic growth, revenue raising and achieving debt sustainability. Dealing with vaccine equity for developing countries is linked to wealthy economies as well. The longer that developed countries lack vaccine access, wealthy countries will face challenges with exports and imports. The longer we wait to vaccinate the developing world, the more virus variants and mutations will evolve and re-infect people in all countries and affect northern economies.

In closing - according to the most recent IMF data - most countries will be in worse shape post pandemic. Only two will experience more certain recovery, the United States and China. Even in these countries, poverty and inequality increases.

My largest concern is that as some countries experience differing degrees of recovery, we will forget the majority of countries whose suffering increases. After previous crises, such as in 2008, we saw the world come together on bold solutions that would prevent future crises and address inequality. While agreements were reached, implementation failed. Had we improved debt restructuring, dealt with tax issues and corruption and put in place financial crisis resolution tools before this crisis - the pandemic would not have spurred the greatest economic crisis since the Great Depression. It's critical in the coming months and years, we mobilize the political will to implement solutions. Implementing solutions now will help us deal with the current crisis and prevent future crisis.

My organization, Jubilee USA, represents all major religious groups. Inspired by the scriptures of Jews and Christians and the teachings of Islam, we believe in God's promise to us - the Jubilee Promise. We are promised to live in a world where we are all protected from having too little or too much. A promise where God shared with us a rich and abundant world and we are closest to the Creator when we share those resources among one another.

Download Eric LeCompte's remarks as a PDF here.

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Jubilee USA Statement on President Biden’s Leaders Summit on Climate

Washington DC – On April 22-23 President Biden hosted more than 40 world leaders for a virtual climate summit. Biden announced a new US target to halve fossil fuel emissions by 2030 and eliminate them by 2050, and pledged to double annual public climate finance for developing countries by 2024. He also unveiled an international climate finance strategy prepared by Treasury.

Eric LeCompte the Executive Director of religious development group Jubilee USA Network, releases the following statement on President Biden’s Leaders Summit on Climate:

“The summit encourages greater climate action at upcoming G7, G20 and UN meetings.

“Biden's summit is important because it included leaders from countries of all sizes and regions. We can only address climate change together and Biden is bringing a broad range of participants together. 

"The summit included business and labor groups, climate activists and the Pope.

“The guest list conveyed, better than any amount of words, the intention to listen to all and build broad-based support to tackle the climate crisis.

“Treasury vowed to align international financial policies with climate objectives.

“Treasury Secretary Yellen sees that developing countries can succeed on the climate agenda if we also focus on global pandemic response and development.

“For many countries the ability to invest on sustainable, resilient, low-emission infrastructure hinges upon decisive solutions to their dire debt situations."

Read Jubilee USA's release on White House and Treasury climate commitments at the Leaders Summit on Climate here.

Read President Biden's speech at the Leaders Summit on Climate here.

Read Secretary Yellen's speech at the Leaders Summit on Climate here

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United Nations Convenes High-Level COVID Response Session for Vulnerable Countries

Washington DC – The United Nations convened on COVID response and development needs for vulnerable, small island and landlocked countries. The President of the Economic and Social Council, Pakistan Ambassador Munir Akram organized the high-level event to focus on countries struggling with specific disadvantages from the crisis.

“Small islands, poor countries and landlocked nations faced considerable risks and vulnerabilities before the pandemic struck,” said Eric LeCompte, Executive Director of Jubilee USA Network and one of the primary speakers at the session. “The COVID pandemic made the situation worse and too many countries are left out of global agreements to deal with the crisis."

The pandemic set back progress towards achieving the Sustainable Development Goals, targets the international community adopted in 2015, for the countries discussed during the special UN session today.

“These countries struggle to provide vaccines and lack aid to support jobs, address climate change and feed their people,” noted LeCompte.

High-level speakers at the session include Gaston Browne, Prime Minister of Antigua and Barbuda; Mia Mottley, Prime Minister of Barbados; José Ulisses de Pina Correia e Silva, Prime Minister of Cabo Verde; Eisenhower Nduwa Mkaka, M.P., Minister of Foreign Affairs of the Republic of Malawi; Aiyaz Sayed-Khaiyum, Attorney-General and the Minister for Economy, Public Enterprises, Civil Service, Communications and the Minister responsible for Climate Change of Fiji; Rabab Fatima, Permanent Representative of Bangladesh to the United  Nations  and  Co-Chair  of  the  Preparatory  Committee  for  the  Fifth  UN  Conference on LDCs; Baroness Patricia J. Scotland QC, Secretary-General, Commonwealth Secretariat; Lindsey Zuluaga, White House Director for International Economic Policy, National Security Council, USA; Jose Antonio Ocampo, Chairperson of the Committee for Development Policy of the Economic and Social Council; Mr. Umberto de Pretto, Secretary General of the International Road Transport Union; Eric LeCompte, Executive Director of Jubilee USA Network and Fekitamoeloa Utoikamanu, Under-Secretary General and Special Representative of the Office for Least Developed Countries, Landlocked Developing Countries and Small Island Developing States.

The UN session takes place from 10:00 to 1:00 PM and 3:00 PM to 5:00 PM New York Eastern Daylight Time.

Read the schedule and speakers here.

View the special UN session live and see recordings here.

Read Jubilee USA Network Executive Director Eric LeCompte's Speech here

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Biden Vows Cut to US Emissions as Yellen Commits Full Power of Treasury to Address Climate Change

Washington DC – Financial decisions play a critical role in solving climate change, advocated Treasury Secretary Yellen during a US-hosted climate summit. More than 40 world leaders are attending the two-day virtual gathering convened by President Biden. Biden announced a new US target to halve fossil fuel emissions by 2030 and eliminate them by 2050. 

“The summit encourages world leaders to do more to protect our planet and environment,” noted Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “Secretary Yellen's powerful words remind us that climate change decisions are linked to financial decisions and global coronavirus response."

In a strategy unveiled on Tuesday, Treasury pledged to confront climate change, domestically and globally, in all decisions the financial institution considers. To ensure all agencies within Treasury focus on climate change, Yellen named John Morton as the department's first Climate Counselor to lead the Climate Hub, reporting directly to Yellen on climate matters.

“Treasury is playing a key leadership role at the IMF and G20 to confront climate change worldwide," stated LeCompte. 

This year the US co-chairs the G20 sustainable finance working group which will have a role in climate change issues.

In a speech on Wednesday to a group of private investors and creditors, the Institute of International Finance, Yellen asserted that developing countries are vulnerable to climate change. She underscored that infrastructure investments should be low-emission, resilient and sustainable.

“Treasury's encouragement for private sector investments to promote climate solutions is important,” shared LeCompte. "I worry that Yellen's words are falling on deaf ears. In spite of the urging of the US, IMF, G20, UN and World Bank, too much of the private sector refuses to participate in coronavirus debt relief. Segments of the private sector are forcing developing countries to choose between paying debt or supporting their people and addressing climate change."

In March, Jubilee USA Network and Treasury organized a roundtable with Yellen and high-ranking religious leaders. At the meeting, the Secretary shared her vision of Treasury's role in combating climate change. 

See the full agenda for President Biden's Leaders Summit on Climate here.

Read Secretary Yellen's speech at the Leaders Summit on Climate here

Read Secretary Yellen's speech to the Institute of International Finance here.

Read Treasury's readout of the Jubilee USA High-Level Roundtable with Secretary Yellen here.

Read about the Jubilee USA High-Level Roundtable with Secretary Yellen here.

Read President Biden's speech at the Leaders Summit on Climate here.

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National Catholic Reporter Quotes Eric LeCompte on Climate Summit

National Catholic Reporter quotes Eric LeCompte on the representation of developing countries at President Biden's Leaders Summit on Climate. Read an excerpt below, and click here for the full story.

Pope Francis, in Earth Day messages, warns 'we are at the edge' on climate change

By Brian Roewe

In a statement, Jose Aguto, associate director of the Catholic Climate Covenant, said the summit, along with Biden's American Jobs Plan, were "positive steps our nation can take to uplift the dignity of all people and address climate change." An interfaith statement from 13 religious organizations, including Interfaith Power & Light and the Maryknoll Office for Global Concerns, offered "prayers and our hopes for moral leadership" during the summit" and that the U.S. respond to climate change "with urgency, fairness and equity."

"Addressing the scale of this problem in all its dimensions requires us, and indeed all stakeholders, to embrace a whole community approach, with government taking on a significant role," the faith organizations wrote.

Officials with the Maryknoll Offfice in their own statement applauded the summit, calling it "a good step forward in the right direction." Chloe Noël, its faith, economy and ecology program coordinator, said the U.S. commitments "make a just and equitable recovery possible," adding that climate projects worldwide have to include local community participation and respect human rights and environmental integrity.

Eric LeCompte, executive director of the Jubilee USA Network, was encouraged that the summit included a diverse representation across geography, industry and varying economies. He added it was an important signal that Treasury Secretary Janet Yellen spoke and that debt relief for developing countries be considered in conjunction with sustainable investments in those regions.

 

Read the full article here.

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Catholic News Service, National Catholic Reporter and Crux Feature Eric LeCompte's Views on COVID, Tax, Debt and IMF Meetings

CNS, National Catholic Reporter, Crux and others feature Eric LeCompte's views on COVID, tax and debt relief decisions at the IMF and World Bank Spring Meetings. Read an excerpt below, and click here for the full story. 

Advocates welcome global steps to help poor nations with pandemic recovery

By Dennis SadowskiCatholic News Service

Recent decisions by leading financial institutions and the world's leading economies to ease the debt burden of the world's poorest nations will help those countries respond to the economic crisis caused by the coronavirus pandemic, the executive director of Jubilee USA said.

The decisions were reached during April meetings of the Group of 20 nations, or G-20, the World Bank Group and the International Monetary Fund.

"We've made some real progress," said Eric LeCompte, who heads the alliance of faith-based development and debt relief advocacy organizations and has long advocated for financial reforms affecting the world's 73 poorest nations and dozens of other middle-income countries.

"The steps will allow countries to respond to the pandemic and other needs," LeCompte told Catholic News Service April 15. "At the same time, with how serious the crisis is, we recognize we need to do a lot more and in some ways move quickly."

Atop Jubliee USA's priority list was the creation of $650 billion in emergency reserve funds, known as Special Drawing Rights, or SDRs. He described the size of the fund package as the "biggest ever mobilization of such reserves."


Read the full article here.

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America Magazine Pens In-Depth Feature on Eric LeCompte, Jubilee USA, Pope Francis, Debt, Covid

America Magazine features Eric LeCompte on Jubilee USA's debt relief work amid the pandemic, complementing Pope Francis' strong calls for debt relief and protection of the vulnerable during this crisis. Read an excerpt below and click here for the full story.

Pope Francis warns us: Covid-19 is not the only global crisis we’re facing right now

Eric LeCompte could not have asked for a more timely and effective celebrity endorsement of the work of the Jubilee USA Network to confront—yet again—a bubbling-under debt crisis that threatens a staggering impact on the world’s most vulnerable people. “We’re approaching the greatest wave of debt crises and debt restructurings the world has ever seen,” he said in an interview with America. “Fifty-six percent of all countries in the world are either [already in] debt crisis or on the verge of debt crisis,” he said, “so it’s an incredibly significant issue, and it’s become more significant because of the coronavirus pandemic.” Nations in Africa have been particularly hard hit, with 14 countries vulnerable to default and nine others in default or on the verge of default.

Decades of progress against extreme poverty is currently at risk, Mr. LeCompte said. A sobering report from the World Bank warned in October that 150 million people could be moving back into extreme poverty this year. “Because of the debt trap and the pandemic, we’re facing the worst losses in development in the last 50 years,” Mr. LeCompte said.

The Group of 20, a policy-making forum of the world’s largest 20 economies, and the I.M.F. have created an emergency process to respond to the crisis for the 73 “very poorest countries in the world”—Zambia, Chad and Ethiopia have already appealed for relief under this emergency debt relief process—but that emergency response still leaves out a substantial number of nations facing overwhelming debt, Mr. LeCompte said.

Then as now, the stakes could not be higher. “Debt means death” was Mr. LeCompte’s blunt summary of the implications of the crises, which have forced low-income states to disburse “more in debt payments than…all of their health care, education and social services combined.”

Click here for the full story.

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Just Love Features Eric LeCompte on Global Covid Response

Just Love interviews Eric LeCompte on the global economic impact of the pandemic, poverty, inequality, climate change, and the work of Jubilee USA. Click here to listen to the episode from 4:45 to 27:47. 

The Global Economic Impact of the COVID-19 Pandemic, Poverty, Inequality and Climate Change; and a Look at Immigration Law, Policies and Procedures

Selected Statements from Eric LeCompte 

 

"Had the crisis resolution process to continually stop financial crisis and reduce debt that Pope Francis called for at the United Nations in 2015, we would not be dealing with as a severe economic crisis for all countries in the world."

"At Jubilee, we are focused on making sure that enough aid goes to the developing world. Because of the crisis, developing countries are about a trillion dollars short of getting to where they were before the crisis started."

"The most consequential decisions on climate change will not be made by the United Nations in the next month or next five years. They are actually going to be made as a part of the same financial decisions we are discussing via the IMF and the G20."

"The problems we are dealing with did not begin with the pandemic, they were challenges that were already in place. We got into this crisis because we haven't put in place the actual solutions world leaders have agreed upon over the last 20 years."

"We should move forward permanent solutions into the financial system that can continually address inequality and extreme poverty and ensure that countries have the revenue and aids they need."

"The greatest challenge that we face around development  is that because of the current crisis we are losing all of the gains we made since the early 1990s."

"The crisis is incredibly concerning and that is why the structural policies that Jubilee USA and the religious community work on are so important because these policies will help countries to go back to where they were before the pandemic and will help prevent the next crisis."

 

Click here to listen to the episode from 4:45 to 27:47.

 

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Jubilee USA Statement on IMF and World Bank Meetings and Development Committee Communiqué

Washington DC - The Development Committee, a ministerial-level consensus building and policymaking body for the World Bank and the IMF, met as part of the Spring IMF and World Bank Meetings.

Eric LeCompte the Executive Director of the religious development organization Jubilee USA, a UN expert who monitors IMF and World Bank meetings, releases the following statement on the meetings and World Bank Development Committee Communiqué:

"While we've made some significant progress in combating the coronavirus crisis, this week's meetings lacked ambition and should be defined as a lost opportunity.

"IMF and World Bank analysis shows that developing countries face deeper challenges because of the pandemic and yet, the institutions seem to be taking the crisis less seriously.

"High debts and rising deficits limit the ability of developing countries to mount an effective pandemic response. The current IMF and World Bank measures are insufficient.

“Access to vaccines, aid and debt are all connected. The World Bank found that only 2% of vaccines have reached poor countries.

“World Bank analysis unveiled this week shows that the number of poor countries in debt crises or with high debts continues to grow.

“The importance of private creditors in debt relief is a theme throughout the Spring meetings, but not a single solution to promote their involvement has been raised this week.

“All countries that defaulted last year were middle-income countries. This group of countries faces incredible challenges and are not included in current relief and aid initiatives.

"Moving forward more IDA funding to support poor countries is a very positive step.

"This week, the IMF and World Bank are taking strong steps to link addressing climate change as a part of pandemic response."

Read the World Bank Development Committee Communiqué here.

Read Jubilee USA's statement on the IMFC communiqué here.

Read Jubilee USA's release on 260 faith, labor, human rights, and other groups pressing the IMF, G20 and White House on a COVID response here.

Read Jubilee USA's statement on the G20 Finance Ministers Meeting here.

Read Jubilee USA's release on the IMF's Global Financial Stability report 
here.

Read Jubilee USA's release on the IMF's World Economic Outlook report here.

Read about the IMF extending a process to cancel debt payments for the world's 28 poorest countries here.
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Telam Features Jubilee USA at Economic and Social Council Meeting

Telam features Jubilee USA in the latest discussion at Argentina's Economic and Social Council meeting that addressed the challenges facing Latin America as a result of the Covid-19 pandemic. The forum also addressed the importance of debt restructuring and Special Drawing Rights. Read an excerpt below, and click here for the full story.

El Presidente pidió renegociar tasas y plazos por la deuda con el FMI

El presidente Alberto Fernández pidió este jueves "renegociar" las tasas y los plazos de pago de la deuda que el país contrajo con el Fondo Monetario Internacional (FMI), al encabezar esta tarde la apertura de la reunión plenaria del Consejo Económico y Social (CES) con miembros del Grupo Asesor Externo. "Lo que más buscamos no es postergar pagos, sino encontrar una solución al problema de la deuda, de modo de tener tiempo para crecer y que lo que comprometamos a futuro se pueda cumplir. De otro modo, la restructuración de la deuda será un problema que se dilate y no quiero incrementarlo sino resolverlo", completó el mandatario. Fernández señaló que la Argentina "es un país que enfrenta un problema de deuda singular, que tal vez no haya otros en el mundo" y señaló que "siempre esa deuda le ha generado un condicionante para poder avanzar y crecer".

De la reunión plenaria participaron el presidente del CES, Gustavo Beliz; el ministro de Economía, Martín Guzmán; el profesor de la Universidad de Columbia y consejero de la Organización de las Naciones Unidas (ONU), Jeffrey Sachs; la secretaria General de la Secretaría General Iberoamericana (Segib), Rebeca Grynspan; el director ejecutivo del Jubilee USA Network, Eric LeCompte; y la secretaria Ejecutiva de la Comisión Económica para América Latina y el Caribe (Cepal), Alicia Bárcena; además de los integrantes del Consejo.

Entre otros temas, los participantes analizaron el futuro del trabajo, el sistema de obras públicas, la reforma de la arquitectura financiera global y regional, los desafíos de Latinoamérica en la era del Covid-19, la relevancia de la reestructuración de deudas, la ampliación de derechos especiales de giro (DEG) del FMI y el financiamiento del desarrollo en la Argentina.

 

Read the full article here.

 

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