Media Hits, Big News, Your Help

Friends,

Please see below the incredible news coverage Jubilee USA and our joint efforts received in recent months.

This week we won our big campaign to release $650 billion in global SDR reserve funds for developing countries. This comes after our historic discussion with Treasury Secretary Janet Yellen to move our coronavirus response efforts.

Below you'll see how the media is showing the successes of our campaigns. Before you read all of the news coverage, please take action:

1.) Next week world leaders will make decisions on our coronavirus response campaigns. Please sign our petition here.

2.) Over 220 religious, labor, environmental, human rights and development groups have signed our coronavirus response letter to President Biden, the IMF and G20. Please have your group sign by April 6th before they make their next COVID decisions here.

3.) Donations to support our Jubilee USA mission and corona response campaigns are doubled now. Please make a gift

From the Wall Street Journal to Fox News to the Financial Times, the New York Times and your local paper - below you can find a sampling of how the global media has told our Jubilee USA 2021 story.

Gratefully,

Zach

Zachary Conti
Director of Policy and Advocacy
Twitter: @JubileeUSA
www.jubileeusa.org/support-us

JUBILEE IN THE NEWS
 

Climate Change is 'Big One' of 'Emerging Risks,' Says Treasury Sec. Townhall (March 31st)

Rare IMF relief offers a hope of green recovery to debt-laden nations Climate Home News (March 26th)

IMF Mulls Creating $650 Billion in Reserves After Yellen Nod  Bloomberg (March 23rd)

IMF staff recommends new allocation of $650 billion in emergency reserves: sources  Reuters, Fox, New York Times (March 23rd)

Religious, labor leaders optimistic after meeting with treasury secretary  The Catholic Spirit (March 22nd)

Catholic bishops meet with U.S. Treasury head to discuss COVID economic crisis Crux (March 19)

G-7 leaders support 'sizeable' Special Drawing Rights allocation  Devex (March 19th)

Papal priorities reflected in Yellen meeting, Catholic participants say National Catholic Reporter

(March 18th)

Nelson joins faith leaders in virtual roundtable discussion with US Treasury secretary Presbyterian Outlook (March 18th)

Yellen Tells Faith Leaders Poor Nations Need Help on Covid-19  Bloomberg (March 17th)

Yellen vows to use 'full power' of U.S. government to tackle climate change Reuters (March 17th)

US Treasury secretary meets with faith leaders about debt, COVID-19 Devex (March 17th)

UCC president, other faith leaders meet with Treasury Secretary Yellen on global pandemic response  United Church of Christ UCC News (March 17th)

Yellen to meet religious leaders, NGO group pushing for debt relief Reuters, New York Times, Fox (March 16th)

G-20 Moves Toward Consensus on IMF Reserve Firepower Boost Bloomberg (Feb 26th)

More than 200 groups urge G20 to back IMF issuance to help poor countries in pandemic Reuters (Feb 25th)

In Brief: US Treasury indicates support for SDRs in letter to the G-20 Devex (Feb 25th)

Yellen backs new allocation of IMF's SDR currency to help poor nations  Reuters (Feb 25th)

Religious Leaders urge Biden to support global coronavirus aid, debt relief The Record, Catholic Spirit and Catholic News (Feb 24)

In Brief: Catholic bishops call on Biden to expand debt relief, aid  Devex (Feb 24th) 

U.S. Catholic leaders urge Biden to lead drive for more aid to poor countries Reuters and US News (Feb 24th) 

Luis Miranda: He gets the job done National Catholic Reporter (Feb 19th)

Biden Urged to End Trump Lawsuit Blocking Payments to Puerto Ricans U.S. News (Feb 16th)

Biden reestablishes White House Office of Faith-Based and Neighborhood Partnerships National Catholic Reporter (Feb 14th)

Ivory Coast shows up debt relief flaws Refinitiv (Feb 12th)

In Brief: US urges G-7 to 'go big' on COVID-19 response Devex (Feb 12th)

U.S. tells G7 that it is back at the table to help with global recovery Reuters and New York Times (Feb 12th)

Zambia seeks debt restructuring under G20 common framework Reuters and Financial Post (Feb 5th)

Chad becomes first country to ask for debt overhaul under G20 common framework Reuters (Jan 28th)

Environmental activists cheer Biden’s decision to stop pipeline project Crux (Jan 27th)

Joe Biden’s Economic To-Do List U.S. News & World Report (Jan 22nd) 

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Treasury Notifies Congress of $650 Billion Emergency Reserves to Fight Global COVID Crisis

Washington DC – Treasury notified Congress of its support for $650 billion in IMF global reserves, also known as Special Drawing Rights (SDRs), to assist developing countries struggling with the coronavirus crisis. US law requires a ninety-day advance alert to Congress before the US votes for SDRs with the IMF board.

“The notification paves the way for the US to vote in favor of these funds that developing countries need," said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. Jubilee USA advocated for the creation of these funds since the advent of the pandemic. "As early as the summer, hundreds of billions of these emergency reserve funds can now be authorized for countries struggling with the pandemic."

In February, Jubilee USA Network and the US Conference of Catholic Bishops sent a letter to Secretary Yellen and President Biden expressing support for a new SDRs allocation. Jubilee USA Network also coordinated a letter to the G20 signed by more than 215 organizations worldwide in support of SDRs. The G20 and IMF announced support for the $650 billion allocation.

Treasury says low-income countries will see $21 billion from a new allocation and other developing countries receive $221 billion.

Read the letter on SDRs, aid and debt relief from the US Conference of Catholic Bishops and Jubilee USA Network here.

Read the letter organized by Jubilee USA with 200 plus signers urging the G20 to support SDRs here.

Read about the IMF's announcement of support for $650 billion in emergency reserves here.

Read the US Treasury's Fact Sheet on the benefits of a new allocation of Special Drawing Rights here.
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World Council of Churches Quotes Eric LeCompte on Civil Society Policy Forum

World Council of Churches Quotes Eric LeCompte on faith-based organizational meetings with the IMF and World Bank to discuss global debt reductions. Read an excerpt below, and click here for the full story.

As debt piles onto the backs of poor countries, Christian community calls for relief

Jeronim Zettelmeyer, deputy director of the International Monetary Fund’s Strategy, Policy and Review Department, shared current efforts to respond to the debt crisis. At the same time, he said civil society organisations should “put pressure on their own domestic authorities” as the problem does not only lie with the international financial architecture. 

Marcello Estevao, global director of the World Bank’s Macroeconomics, Trade and Investment Global Practice said that their “goal is to enlarge the breathing space for poor countries” in a time of economic crisis.

Eric LeCompte, executive director of Jubilee USA, cited the lack of private sector participation and inadequate coverage of middle-income indebted countries as key challenges to current initiatives to tackle debt. Moving forward, “there is a need to expand debt relief to middle income countries.”

 

Read the full article here.

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IMF Head: Global Recovery Uncertain as People Face Income Drops

Washington DC – International Monetary Fund head Kristalina Georgieva warned of an uncertain global recovery as the world struggles with the COVID spurred economic crisis. The IMF Managing Director stated concern that average incomes in developing countries faced drops of 20% and 11% in advanced economies. "This loss of income means millions of people will face destitution, homelessness, and hunger," reported Georgieva during her curtain raiser speech ahead of the Spring IMF and World Bank meetings.

"While prospects for economic recovery are higher in the United States and China, every country in the world faces greater inequality and increases in poverty," noted Jubilee USA Executive Director Eric LeCompte who has monitored IMF policies for more than a decade. "The average person is worse off as the pandemic economic crisis continues."

The IMF chief warned developing countries, with less vaccine access, lower budgets and higher debts, could face more pressure. In particular developing middle-income countries face serious challenges.

“The IMF is right that middle-income countries need more support,” added LeCompte. "Developing middle-income countries face the highest job losses and increases in poverty. Yet, these countries are left out of critical aid and debt relief initiatives."

Georgieva highlighted one area on the horizon that could benefit these countries, is the creation of $650 billion in global reserve funds known as Special Drawing Rights.

“The creation of Special Drawing Rights will deliver more than $200 billion in aid for developing countries," reflected LeCompte.

View Managing Director Kristalina Georgieva's Spring IMF Meetings Curtain Raiser Speech here

Read about the IMF's announcement of support for $650 billion in emergency reserves here.

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Climate Home News Quotes Eric LeCompte on IMF SDR Allocation, Climate

Climate Home News quotes Eric LeCompte on the impact of a $650 billion IMF SDR allocation on low- and middle-income, climate-vulnerable countries. Read an excerpt below, and click here for the full story.

Rare IMF relief offers a hope of green recovery to debt-laden nations

By Chloé Farand

As the International Monetary Fund is poised to inject $650 billion into the global economy, indebted low and middle-income countries are exploring ways to leverage the relief into green investmentsIn recent months, the plea of vulnerable nations for financial support has risen to the top of the international agenda. Revenues from the commodity trade and tourism collapsed in 2020, leaving many nations struggling to meet their basic needs, let alone invest in sustainable development. Cash-strapped governments in Africa, Latin America and the Caribbean do not have the luxury of borrowing cheaply to finance a green recovery from the coronavirus pandemic.

More than half of developing countries are estimated to be in debt distress, with interest payments accounting for at least a quarter of governments’ tax revenues in 2020 and raising to 40% in some countries, according to Jubilee USA Network. “The most consequential climate decision made in the next few months to five years will be made by the IMF, the G7, the G20 and the US Treasury as part of global pandemic response policies,” Eric LeCompte, executive director of Jubilee USA Network, told Climate Home News.

A debt repayment suspension initiative by the G20 has brought some relief but excludes middle-income countries, such as small island states, that have been hit hard by the pandemic and climate impacts.

 

Read the full story here.

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Adeyemo Confirmed as Deputy Secretary of Treasury

Washington DC – The US Senate voted to confirm Adewale "Wally" Adeyemo as Deputy Secretary of Treasury.

Eric LeCompte, the Executive Director of the religious development group Jubilee USA Network and who works closely with US Treasury, releases the following statement on the confirmation of Treasury Deputy Secretary Adewale Adeyemo:

"Wally Adeyemo will be an outstanding Treasury Deputy Secretary.

"As the US and world wrestle with the pandemic and economic crisis, he understands the need to stimulate the US and global economy.

"Adeyemo is uniquely suited to work with world leaders on the debt, transparency, aid, climate and tax solutions that we need."

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IMF Announces $650 Billion in Emergency Reserves Needed to Confront Pandemic Crisis

Washington DC - The International Monetary Fund announced $650 billion in emergency reserve funds are needed to confront the global coronavirus health and economic crisis. The funds are likened to a type of currency the International Monetary Fund creates, called Special Drawing Rights (SDRs).

"This announcement is incredible progress," stated Eric LeCompte, the executive director of Jubilee USA Network. LeCompte's development group advocated the use of these emergency reserve funds for more than a year. "This information now helps countries, like the United States, begin a process to authorize the creation of these emergency funds. Developing countries need these resources to confront the crisis as soon as possible."

About $224 billion would immediately go to developing low-income and middle-income countries in the creation of $650 billion SDRs. US Treasury has called for the remaining amount to be donated to support vulnerable countries.

SDRs were last created following the 2008 financial crisis. On Tuesday, Jubilee USA Network organized a roundtable with high-ranking religious leaders and Treasury Secretary Janet Yellen that focused on SDRs.

"Special Drawing Rights can provide support for countries struggling with the health and economic impacts of the coronavirus," noted LeCompte, a United Nations finance expert. "As countries are struggling with the crisis, SDRs are an important part of the relief developing countries need."

In February, the US Conference of Catholic Bishops and Jubilee USA sent a letter on SDRs to President Biden and Yellen. Jubilee USA Network with Latindadd, a Latin American development group, organized a letter with more than 200 organizations calling on the G20 to support a SDR issuance.

On Friday, the G7 agreed to a "sizeable" new issuance of Special Drawing Rights.

Read about Friday's G7 SDR announcement here.

Read about the March 16th Secretary Yellen Jubilee USA Network Meeting here.

Read the letter on SDRs, aid and debt relief from the US Conference of Catholic Bishops and Jubilee USA Network here.

Read the letter organized by Jubilee USA with 200 plus signers urging the G20 to support SDRs here.

Read the IMF Managing Director's statement here
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Bloomberg Quotes Eric LeCompte on Meeting with Treasury Secretary Janet Yellen

Bloomberg quotes Eric LeCompte on Jubilee USA's meeting with the Treasury Secretary and major faith leaders. Read an excerpt below, and click here for the full story.

IMF Mulls Creating $650 Billion in Reserves After Yellen Nod

By Eric Martin and Saleha Mohsin

More than 200 groups including the Jubilee USA Network, a non-profit organization that advocates for debt relief for developing countries, had called on the G-20 to support the creation of $3 trillion in SDRs. They say the funds are needed to help free up resources for health care and social spending. Some Democrats in Congress had pledged support for a similar-sized move.

But an SDR issuance of roughly $650 billion would be about the maximum that the U.S. Treasury can support without needing to getapproval from Congress, depending on the exchange rate.

“This announcement is incredible progress,” said Eric LeCompte, the executive director of Jubilee USA Network. “Developing countries need these resources to confront the crisis as soon as possible."

Read the full article here.

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Reuters, Fox and New York Times, Feature Eric LeCompte on IMF Special Drawing Rights Announcement

Reuters, Fox and The New York Times feature Eric LeCompte on the IMF's announcement that it recommends allocating $650 billion in Special Drawing Rights to combat the global economic crisis. Read and excerpt below and click here for the full story

IMF staff recommends new allocation of $650 billion in emergency reserves: sources 

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Devex Quotes Eric LeCompte on G7 Support for Special Drawing Rights

Devex quotes Eric LeCompte on the G7's support to issue special drawing rights for developing nations. Read an excerpt below, and click here for the full story.

G-7 leaders support 'sizeable' Special Drawing Rights allocation

By Adva Saldinger

While the G-7 finance ministers described the new issuance as “sizeable,” they stopped short of stating an amount. They did say the new allocation will be “subject to the IMF’s analysis of global reserve needs,” which will be presented before any formal agreement. That assessment is highly anticipated.

"We are waiting on the IMF to formally assess the needs of poor countries to decide on the size of a SDR issuance,” said Eric LeCompte, executive director at Jubilee USA Network, in a statement. “There is no doubt that developing countries have needs north of a trillion dollars.”

Another outcome of the meeting was an agreement between the G-7 and IMF to enhance transparency and accountability around SDR usage and to determine how countries could voluntarily use their SDRs to support low-income countries. The G-7 said IMF should determine some options for how that could be done, but it should not delay an agreement to a new general allocation, the statement said.

 

 

Read the full article here.

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The Record, Catholic Spirit and Catholic News Service Cover Jubilee USA's Meeting with Secretary Yellen and Faith Leaders

The Catholic Spirit covers Jubilee USA's high-level meeting with Treasury Secretary Janet Yellen and faith leaders. Read an excerpt below, and click here for the full story.

Religious, labor leaders optimistic after meeting with treasury secretary

By Dennis Sadowski

The discussion focused on accessing emergency reserve funds, known as Special Drawing Rights, or SDRs, debt policies, humanitarian aid, climate change, bankruptcy, financial transparency and tax proposals to prevent future economic crises.

In addition, a presentation by Archbishop Roberto Gonzalez Nieves of San Juan, Puerto Rico, specifically addressed concerns related to the island territory’s debt.

It is the first such meeting involving a Treasury Department secretary and faith leaders in at least three decades, said Eric LeCompte, executive director of Jubilee USA, an alliance of faith-based development and debt relief advocacy organizations, who organized the meeting.

In addition to Catholic representatives, also attending were leaders of the Lutheran, United Methodist, Presbyterian and United Church of Christ churches, the Union for Reform Judaism and the Puerto Rico Evangelical General Bible Society. They were joined by the AFL-CIO and the International Trade Union Confederation.

 

 

Read the full article here.

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G7 Supports Emergency Funds for Developing Country COVID Relief

Washington DC - G7 finance ministers agreed to create emergency reserve funds for developing countries wrestling with coronavirus economic impacts. The funds are likened to a type of currency the International Monetary Fund creates, called Special Drawing Rights (SDRs).

"This is the strongest public statement to date from G7 countries on the need for SDRs to confront the COVID economic crisis that is ravaging developing countries," stated Eric LeCompte, the executive director of Jubilee USA Network. LeCompte's development group advocated the use of these emergency reserve funds for more than a year. "We are waiting on the IMF to formally assess the needs of poor countries to decide on the size of a SDR issuance. There is no doubt that developing countries have needs north of a trillion dollars."

SDRs were last created following the 2008 financial crisis. On Tuesday, Jubilee USA Network organized a roundtable with high ranking religious leaders and Treasury Secretary Janet Yellen that focused on SDRs.

"Treasury is a strong proponent of moving forward development aid and debt relief," noted LeCompte. "As countries are struggling from the crisis, we need to be sure the aid is enough and that all developing countries can get the support they need."

In February, the US Conference of Catholic Bishops and Jubilee USA sent a letter on SDRs to President Biden and Yellen. Jubilee USA Network with Latindadd, a Latin American development group, organized a letter with more than 200 organizations calling on the G20 to support a SDR issuance.

Read about the March 16th Secretary Yellen Jubilee USA Network Meeting here.

Read the letter on SDRs, aid and debt relief from the US Conference of Catholic Bishops and Jubilee USA Network here.

Read the letter organized by Jubilee USA with 200 plus signers urging the G20 to support SDRs here.
Read More