CSOs launch call for the fair channeling of Special Drawing Rights

Open Letter to G20 Finance Ministers, Central Bank Governors and the IMF: Civil Society Organizations Call for Principles for Fair Channeling of Special Drawing Rights

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As the pandemic exacerbates multiple crises in developing countries, Special Drawing Rights (SDRs) are a crucial option to help finance the COVID response and hasten an equitable and inclusive economic recovery. With the SDR distribution being proportional to IMF countries’ quotas, the new allocation of US$650 billion does not ensure sufficient SDRs go to developing countries. This is why many have been calling for an allocation in the order of US$3 trillion. Moreover, advanced economies are in less need of SDRs given their access to a wider array of monetary and financial tools for the response and recovery. Thus, it is essential that the recent allocation be quickly followed by rechanneling a significant portion of advanced economies’ SDRs to developing countries.

We strongly believe that successful and equitable recovery is contingent on transparency and a participatory process inclusive of civil society in all countries. This also applies to international spaces making decisions on SDR channeling mechanisms, including the G20 and the IMF, where civil society has not had, so far, sufficient opportunities to engage on this matter.

We urge you to ensure SDR channeling options align with a basic framework of principles that many academics, experts and civil society colleagues around the world echoed over recent months.

THE CHANNELING OPTIONS SHOULD:

  1. Provide debt-free financing, so it does not add to unsustainable debt burdens of developing countries, whose annual external public debt payments are projected to average US$300 billion over 2021 and 2022. Grant-based financing is ideal but, if additional loans are to be offered, then maximum concessionality is critical (zero interest and lengthy repayment terms with extended grace periods).
  2. Refrain from tying transfers to policy conditionality (directly or indirectly). Conditionality will lengthen the time it takes to negotiate such financing, could force countries into adopting difficult adjustment or austerity measures; or put the financing beyond reach for countries unable to comply with such conditions.
  3. Be accessible to middle-income countries. These countries have persistently been left out of debt relief initiatives and concessional financing, and should not be excluded from yet another financial assistance option when many of them face deep debt distress and challenging pandemic vulnerabilities.
  4. Include transparency and accountability safeguards on both providers and recipients of such financing in the spirit of democratic ownership, strengthening independent scrutiny, participation and accountability to citizens.
  5. Ensure that SDR contributions are additional to existing ODA and climate finance commitments. Only SDRs channelled to developing countries as grants should count as ODA, or, where appropriate, against the climate finance goal of US$100 billion.
  6. Prioritize SDR use that expands international grant funding for combatting the pandemic through budget support for public services and the public sector workforce in health and education, for social protection and other needs. Grants can also target promotion of a fair recovery that supports climate justice, and tackles economic and gender inequality, including the unpaid care burden that women bear, and the COVID-19 pandemic exacerbated.

We also call for agreement on a global repository to report on channeled SDRs. This will help limit fragmentation and be an important measure for accountability of commitments and tracking the overall impact of SDRs, including for ongoing learning.

We are aware that the Poverty Reduction and Growth Trust (PRGT) is being considered as a favoured option for SDRs channeling; however, it is important to note that the PRGT does not reflect the principles of being debt-free, conditionality-free, and accessible to all developing countries. We urge you to consider ways to improve the PRGT option, including channeling via its emergency financing vehicle (Rapid Credit Facility).

We also encourage you to identify SDR channeling mechanisms that support debt cancellation, including through the Catastrophe Containment and Relief Trust, and to consider alternative options which align best with the principles stated above.

To create options to scale up SDR channeling volumes and reach more developing countries we encourage you to seriously discuss alternative options beyond the PRGT and beyond the IMF more broadly. However, other rechanneling vehicles under discussion, such as a Resilience and Sustainability Trust and Multilateral Development Banks, still appear far from embodying these principles.

Finally, neither the initial SDR allocation nor the channeling of SDRs can be a substitute for the urgent implementation of debt relief measures that benefit both low- and middle- income countries, especially to ensure that the additional resources are not directed to repay external private and other creditors.

Click here to add your signature.

SIGNATORIES

REGIONAL / GLOBAL ORGANISATIONS

1. Access to Human Rights International AHRI
2. Action Aid International
3. ACTIONS PLURIELLES
4. Advocacy Initiative for Development (AID)
5. Africa Network for Environment and Economic Justice(ANEEJ)
6. African Forum and Network on Debt and Development AFRODAD
7. African Women’s Development and Communication Network(FEMNET)
8. AidWatch Canada
9. Alliance for Sustainable Development Organization (ASDO)
10. Arab Watch Coalition
11. Associated Country Women of the World
12. Association Biowa
13. AULA TIDEs UN SDGs Action Education & Programming
14. Blue Ridge Impact Consulting
15. Both ENDS
16. Bretton Woods Project
17. Burundi Rugby League Rugby a XIII Cooperative, Central & East Africa
18. Campaign for Human Rights and Development International CHRDI, Sierra Leone West Africa
19. Campaña Latinoamericana por el Derecho a la Educación (CLADE)
20. Candid Concepts Development
21. Caritas Ghana
22. Center for Economic and Social Rights (CESR)
23. Christian Aid
24. Civil Society Action Coalition on Education for All
25. Coalition for Health Workers (HRH PLUS)
26. Confederation of Indonesia People Movement (KPRI)
27. Coordinadora de Organizaciones de Desarrollo
28. DAWN (Development Alternatives with Women for a New Era)
29. Derecho Ambiente y Recursos Naturales DAR
30. Development Alternatives
31. Diverse Voices and Action (DIVA) for Equality
32. Ekumenická akademie (Ecumenical Academy)
33. Equidad de Género: Ciudadanía, Trabajo y Familia
34. Estonian Roundtable for Development Cooperation
35. European Network on Debt and Development EURODAD
36. Feminist Task Force
37. FENASSEP/ISP, SINERGIE DES TRAVAILLEURS DU TOGO/STT
38. Fight Inequality Alliance
39. Fight Inequality Alliance, Asia
40. Financial Transparency Coalition
41. FOKUS - Forum for Women and Development
42. Fundacion para Estudio e Investigacion de la Mujer
43. Fundación para la Democracia Internacional
44. Fundacion SES
45. Gender and Development Network
46. Génération Maastricht
47. Geneva Finance Observatory
48. Global Campaign for Education
49. Global Coalition Against Poverty GCAP
50. Global Policy Forum
51. Global Socio-economic and Financial Evolution Network (GSFEN)
52. Global Youth Online Union
53. Health Action International Asia Pacific
54. Indigenous Peoples Global Forum for Sustainable Development, (International Indegeous Platforme)
55. Institute for Economic Justice
56. Institute of the Blessed Virgin Mary - Loreto Generalate
57. Internacional de Servicios Públicos (ISP)
58. International Council for Adult Education
59. International Women’s Rights Action Watch Asia Pacific (IWRAW Asia Pacific)
60. Jubilee Debt Campaign
61. Jubilee USA Network
62. Ladies of Great Decorum
63. Latin American Network for Economic and Social Rights -LATINDADD
64. Latinoamérica Sustentable
65. Medicus Mundi Mediterrània
66. Medicusmundi spain
67. Missionary Oblates of Mary Immaculate
68. Mumahhid Family of Greater Jerusalem
69. MY World Mexico
70. NGO CSW LAC
71. Okogun Odigie Safewomb International Foundation (OOSAIF)
72. OXFAM
73. Plateforme française Dette et Développement (PFDD)
74. Red de Justicia Fiscal para América Latina y El Caribe RJFALC
75. Regions Refocus
76. RIPESS
77. SAUDI GREEN BUILDING FORUM
78. Save the Children
79. SEATINI
80. SEDRA, Chile
81. Seed Global Health
82. Servicios Ecumenios para Reconciliacion y Reconstuccion
83. Sisters of Charity Federation
84. Social Justice in Global Development
85. Society for International Development SID
86. Stakeholder Forum for a Sustainable Future
87. Stop the Bleeding Campaign
88. Success Capital Organisation
89. The Kvinna till Kvinna Foundation
90. Third World Network
91. Tripla Difesa Onlus ODV
92. UDA LLP
93. UGANDA DEBT NETWORK
94. UNISC International
95. Unite for Climate Action
96. United Religions Initiative
97. WaterAid
98. Wemos
99. Womankind
100. Women Coalition for Agenda 2030
101. World Future Council
102. World Public Health Nutrition Association
103. Zamara Foundation


NATIONAL ORGANISATIONS
104. AbibiNsroma Foundation, Ghana
105. Academic and Career Development Initiative, Cameroon
106. Africa Development Interchange Network (ADIN), Cameroon
107. Alliance Sud, Switzerland
108. Al-Tahreer Association for Development, Iraq
109. American TelePhysicians, USA
110. Apostle Padi Ologo Traditional Birth Centre, Ghana
111. Asociación Ciudadana por los Derechos Humanos, Argentina
112. Association for Promotion Sustainable Development, India
113. Association of Rural Education and Development Service, India
114. Baghdad Women Association, Iraq
115. Bahrain Transparency
116. Budget Advocacy Network, Sierra Leone
117. Catholic Agency for Overseas Development CAFOD, UK
118. CCFD-Terre Solidaire
119. CDES, Ecuador
120. CEDECAM, Nicaragua
121. Cedetrabajo, Colombia
122. CEICOM, El Salvador
123. Center for Economic and Policy Research, CEPR
124. Centre for Environmental Justice, Sri Lanka
125. Civil Society SDGs Campaign GCAP Zambia
126. CLATE/ULATOC/CTA-A, España
127. Club Ohada Thies, Senegal
128. CNCD-11.11.11
129. Comisión Nacional de Enlace
130. Community Working Group on Health (CWGH), Zimbabwe
131. Conservation and Development Agency CODEA-CBO, Uganda
132. Consumer Unity and Trust Society (CUTS), Zambia
133. Cooperation for Peace and Development (CPD), Afghanistan
134. Corporación CIASE
135. Debt Justice Norway
136. DECIDAMOS. Campaña por la Expresión ciudadana
137. DSW Kenya
138. Economic Justice Network Sierra Leone
139. EMPOWER INDIA
140. ENVIRONICS TRUST, India
141. erlassjahr.de
142. Fair Trade Hellas, Greece
143. Fomento de la Vida- FOVIDA, Peru
144. Foro Social de Deuda Externa y Desarrollo de Honduras - FOSDEH, Honduras
145. Forum Solidaridad Perú
146. Foundation for Environmental Management and Campaign Against Poverty, Tanzania
147. Freedom from Debt Coalition, Philippines
148. Friends of the Earth US
149. Fundación Ambiente y Recursos Naturales (FARN)
150. Fundación Constituyente XXI, Chile
151. Gatef organizations, Egypt
152. GCAP El Salvador
153. GCAP Italia
154. GCAP Rwanda Coalition
155. German NGO Forum on Environment and Development
156. Gestos (soropositividade, comunicação, gênero), Brazil
157. Global Justice Now
158. Global Learning for Sustainability, Uganda
159. Global Responsibility (AG Globale Verantwortung)
160. GreenTech Foundation, Bangladesh
161. GreenWatch Dhaka, Bangladesh
162. Group of Action, Peace and Training for Transformation - GAPAFOT, Central African Republic
163. GWEN Trust, Zimbabwe
164. Help Age, India
165. Institute for Public Policy Research, Namibia
166. Instituto de Estudos Socioeconomicos, Brazil
167. Instituto Equit - Genero, Economia e Cidadania Global,Brazil
168. Instituto Guatemalteco de Economistas, Guatemala
169. Iraqi center for women rehabilitation & employment, Iraq
170. Iraqi Institute for the Civil Development(IICD), Iraq
171. Jubilee Debt Campaign -UK
172. JUBILEO 2OOO RED ECUADOR
173. K.U.L.U.- Women and Developmennt, Denmark
174. Kathak Academy (KA)
175. Kulmiye Aid Foundation, Somalia
176. Lanka Fundamental Rights Organization, Sri Lanka
177. Marikana youth development organisation, South Africa
178. Movimiento Tzuk Kim-pop, Guatemala
179. Myanmar Youth foundation for SDG, Myanmar
180. National Association of Professional Environmentalists(NAPE), Uganda
181. National Campaign for Sustainable Development Nepal
182. National Confederation of Dalit and Adivasi Organisations (NACDAOR), India
183. National Labour Academy, Nepal
184. National Society of Conservationists - Friends of the Earth Hungary
185. NCD Alliance in Georgia
186. Nepal Development Initiative (NEDI), Nepal
187. Network of Journalists Living with HIV (JONEHA), Malawi
188. New Millennium Women Empowerment Organization, Ethiopia
189. NGO Federation of Nepal
190. Nkoko Iju Africa, Kenya
191. Observatorio Mexicano de la Crisis, Mexico
192. Okoa Uchumi Campaign, Kenya
193. ONG Cooperación y Desarrollo, Guinea Ecuatorial
194. ONG Espoir Pour Tous, Côte d’Ivoire
195. Ong FEED, Niger
196. ONG PADJENA, Benin
197. ONG Santé et Action Globale, Togo
198. Organisation des Femmes Aveugles du Bénin
199. Pakistan Development Alliance
200. Pakistan Fisherfolk Forum
201. Pakistan Fisherfolk Forum
202. Pakistan Kissan Rabita Committee
203. Peoples Development Institute, Phillippines
204. POSCO-Agenda 2030 Senegal
205. PROGRÈS SOCIAUX, Benin
206. Rapad Maroc, Morocco
207. REACHOUT SALONE, Sierra Leone
208. REBRIP - Rede Brasileira pela Integração dos Povos, Brazil
209. Recourse, The Netherlands
210. Red Dot Foundation Global, USA
211. Red Dot Foundation, India
212. Red Mexicana de Acción frente al Libre Comercio (RMALC)
213. RENICC Nicaragua
214. RIHRDO (Rural Infrastructure and Human Resource Development Organization )
215. Rural Area Development Programme (RADP), Nepal
216. Rural Infrastructure and Human Resource development Organization (RIHRDO), Pakistan
217. SAFE EMPOWERED COMMUNITIES ASSOCIATION ZAMBIA
218. Sisters of Charity Federation
219. Social Economic and Governance Promotion Centre, Tanzania
220. Solidarité des femmes pour le Développement intégral (SOFEDI), R. D. Congo
221. Somali Youth Development Foundation (SYDF), Somalia
222. Sorouh for Sustainable Development Foundation-SSDF, Iraq
223. Stamp Out Poverty
224. State Employees Federation, Mauritius
225. SUSTAINABLE DEVELOPMENT COUNCIL, India
226. SYNAPECOCI, Côte d’Ivoire
227. Tanzania Coalition on Debt and Development (TCDD)
228. Tax Justice Network US
229. The Institute for Social Accountability, Kenya
230. The Mango Tree, Kenya
231. The Rural Sector Public Institution CBO and Affiliated Entity’s With Multiple Distinct Components, Bangladesh
232. Toto Centre Initiative, Kenya
233. Treat Every Environment Special Sdn Bhd, Malaysia
234. Uganda Peace Foundation
235. UIMS, Iraq
236. UndebtedWorld, Greece
237. Union des Amis Socio Culturels d’Action en Developpement (UNASCAD), Haiti
238. Uso Inteligente ASV A.C., México
239. VEILLE CITOYENNE TOGO
240. Wada Na Todo Abhiyan, India
241. WEED - World Economy, Ecology & Development e.V.
242. Western Kenya LBQT Feminist Forum (Lets Be Tested Queens CBO)
243. WIPGG Nigeria
244. WomanHealth Philippines
245. Women in Democracy and Governance (WIDAG), Kenya
246. Working With Women, Cameroun
247. WREPA, Kenya
248. Za Zemiata, Friends of the Earth Bulgaria
249. Zukunftskonvent Germany
250. Hawad Organization for Relief and Development


ACADEMICS / RESEARCHERS
251. Ahmad Mahdavi, University of Tehran/ and Sustainable agriculture and environment
252. Albert Gyan, Social Advocate (African Diaspora)
253. Annina Kaltenbrunner, Leeds University Business School UK
254. Brenda Awuor Odongo, Researcher on SRHR and Reproductive health
255. Claudio Schuftan, Researcher on human rights
256. Daniel Bradlow, Professor of Law at American University Washington College of Law
257. Daniel Ortega-Pacheco, Center for Public Policy Development, ESPOL Polytechnic University, Ecuador
258. Dr. Adamu Abdullazeez Bako, Centre for Citizens Rights
259. Elisa Van Waeyenberge, SOAS University of London
260. Frances Stewart, University of Oxford
261. Gabriele Koehler, Researcher on 2030 Agenda eco-eco-social state, Germany
262. Gerry Helleiner, Prof. emeritus, Economics, University of Toronto
263. Grupo de Investigación en Derechos Colectivos y Ambientales GIDCA, Universidad Nacional de Colombia
264. Ilene Grabel, Distinguished University Professor, Josef Korbel School of International Studies
265. Jorge Manuel Gil, Cátedra libre pensamiento latinoamericano, UNPSJB
266. Kevin P Gallagher, Global Development Policy Center, Boston University, USA
267. Lena Dominelli, University of Southampton, UK
268. María José Lubertino Beltrán, Profesora de Derechos Humanos, Universidad de Buenos Aires
269. Martin S. Edwards, Seton Hall University, School of Diplomacy and International Relations
270. Matthew Martin, Development Finance International
271. Michel Aglietta, emeritus professor in economics, Centre for Prospective Studies and International Information CEPII
272. Nora Fernández Mora, Pontificia Universidad Católica del Ecuador
273. Oscar Ugarteche, Instituto de Investigaciones Económicas, México
274. Remco van de Pas, Researcher on public health at ITM
275. Rick Rowden, Lecturer, American University in Washington DC
276. Rungani Aaron, Researcher, Zimbabwe
277. Sandra Janice Misiribi, Good Health Community Project
278. Shem Atuya Ayiera, ST. HEMMINGWAYS NGO
279. Spyros Marchetos, Aristotle University of Thessaloniki, Greece
280. Viktor Chistyakov, Columbia University

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Presbyterian News Service covers Jubilee Weekend

Presbyterian News Service covered the upcoming Jubilee Weekend and the opportunities it presents. Read an excerpt below and the full article here.

Jubilee Weekend is an opportunity for advocacy Oct. 15-17

By Darla Carter

Presbyterians are being encouraged to support a weekend of advocacy by the Jubilee USA Network, a partner of the Presbyterian Church (U.S.A.) that promotes debt relief for poor countries and an equitable distribution of vaccines.

“A COVID Response that Shares Medicine, Ends Poverty and Protects Our Planet” is the theme of this year’s Jubilee Weekend, which will be Oct. 15-17.

“Jubilee Weekend takes place each year, the same weekend as the IMF (International Monetary Fund) and World Bank meetings. It’s also right before the G20, a forum of nations with the world’s largest economies," said Stefanie Ostfeld, managing director of the Jubilee USA Network. “At these meetings, world leaders are going to be making important decisions on many COVID-19 efforts, including debt relief, pandemic recovery and equitable vaccine access, so participating in Jubilee Weekend is an opportunity for religious groups to make their voices heard, demonstrating to decision makers these issues are a priority, they matter, and really, calling on them to act on behalf of the vulnerable.”

Anyone interested in participating can sign up on the network’s website to receive a packet of information about ways to get engaged, from holding worship services to calling members of Congress

“You could offer one prayer for vaccine distribution or increased aid for developing countries,” Ostfeld said. “A congregation could dedicate a worship service to poverty reduction or debt relief. You can also sign and circulate a petition to policymakers. You could hold a discussion group on these issues.”

Jubilee USA is a coalition of religious, development and advocacy groups that says it has won more than $130 billion in debt relief for the world’s poorest economies.

“We mobilize our members to take action to help build an economy that serves, protects and promotes participation of the most vulnerable,” Ostfeld said.

Read more here.

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The U.S. is donating more COVID vaccines and wants other rich nations to pitch in

By Tamara Keith/NPR

Biden defended the U.S. response, saying his first responsibility was to make sure Americans were protected, and arguing that the U.S. donations have been generous. “For every one shot we’ve administered to date in America, we have now committed to do three shots to the rest of the world,” Biden said.

The new tranche of Pfizer doses will be manufactured in U.S. plants and will be bought at a “not-for-profit” price, the officials said. Most U.S. vaccine shipments — 800 million doses — will ship between January and September 2022.

Read more here.

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Eric LeCompte featured in Crux regarding the increased need for attention and work on global vaccine distribution following Biden's COVID-19 summit. Read an excerpt below and the full article here.

After Biden’s COVID-19 summit, ‘more work needs to be done’

By John Lavenburg

To date there have been more than six billion COVID-19 doses administered worldwide. However, more than 70 percent of all vaccine doses have been administered in 10 countries. This disparity has led Catholic leaders worldwide – including Pope Francis and the United States Conference of Catholic Bishops – to call for vaccine equity.

The commitments made at the summit aim to get 40 percent of the population in developing populations vaccinated by the end of the year, what LeCompte considers a “very, very hard commitment” to meet given the challenges that exist.

“The more realistic commitment is to have 70 percent of the world’s developing population vaccinated by mid-year next year, but that’s still a ways out and as important as the progress is, I’m still worried whether or not that’s going to be fast enough,” LeCompte said.

Chief among the challenges is the logistics of getting COVID-19 vaccine doses to developing nations and subsequently getting them in people’s arms. LeCompte notes that vaccine donations and production aren’t enough “if we don’t have the actual infrastructure in developing countries to deal with these issues.”

“There’s a lot more work that needs to be done, a lot more money that needs to be raised to be able to support the ability to get shots in the arms, as well as deal with all of these other vital healthcare infrastructure needs,” LeCompte said.

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Biden Calls on Rich Countries to Escalate Vaccine Donations

By Josh Wingrove

The new U.S. commitment is on top of a 500-million-dose donation announced in June at the Group of Seven summit in the U.K. Distribution of those vaccines began last month. Combined with 130 million doses shipped out so far that had initially been bought for domestic use, the U.S. donation total is now at least 1.13 billion doses, more than double the total delivered domestically.

Of those, at least 330 million have been pledged by the end of 2021. The remaining 800 million, including all of Biden’s new pledge, are to be delivered in 2022. 

This is the first time that the U.S. has set a global vaccination target, though advocates are urging more aggressive ones. The UN secretary general, Antonio Guterres, has called for 70% of the world to be vaccinated by the end of June, three months before Biden’s timeline.

“In some ways June and September are just too late,” said Eric LeCompte, executive director of Jubilee USA Network, a non-profit group. He gave the U.S. credit for hosting the summit. “We’re so excited that they are taking leadership on this, because there is unfortunately a leadership void, but we needed to get all this done yesterday,” he said. 

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Eric LeCompte was quoted by the Guardian in an article covering President Biden's decision to donate an additional 500 million COVID vaccines to poor countries. Read an excerpt below and the full article here.   

US to donate an additional 500m Covid vaccines to poorer countries, says Biden

By David Smith 

Joe Biden has announced that the US will donate an additional 500m Covid-19 vaccines to low- and middle-income countries around the world, bringing America’s total global donation to more than 1.1bn doses.

The US president outlined the plan on Wednesday at a virtual coronavirus summit where he urged world leaders to “go big” in tackling the pandemic and closing the vaccination gap with poorer nations.

Eric LeCompte, executive director of Jubilee USA Network and a UN finance expert, who is attending the summit, said in an interview: “It’s amazing that the Biden administration is filling a leadership void but we cannot move quickly enough from our perspective for two reasons. There’s the moral case that developing countries are experiencing a fourth wave of the pandemic and people are dying in the streets. We have to save lives.

“But there’s also something that is equally important: if we are not focused on getting shots in arms in the developing world, more variants are going to come to the United States and we will face a continuing health crisis. Perhaps even more significantly, we’ll continue to experience severe economic shocks all over the world in the years to come.”

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“As many developing countries struggle with a fourth wave of the pandemic, vaccines and treatment cannot come soon enough," noted Eric LeCompte who is attending the White House summit. LeCompte is the Executive Director of Jubilee USA Network and a UN finance expert. "The longer it takes to vaccinate the majority of the world's population translates to more virus variants and shocks to the global economy."

The White House summit focuses on targets of vaccinating at least 70% of every country's population, regional distribution hubs for protective equipment and global access to COVID treatments. 

"Bringing together heads of state and business leaders, Biden is filling a global leadership void to save lives and prevent more challenges to the global economy,” added LeCompte. "We face a more dire situation because the G20 failed to deliver on financing global vaccine distribution this summer."

In August, LeCompte and major religious leaders met with US Trade Representative Katherine Tai on waiving COVID vaccine patents to increase vaccine production and access for developing countries.

"We agree with the White House on waiving vaccine pharmaceutical patents to boost global production of vaccines," stated LeCompte. "We don't expect the summit to focus on this critical issue."

Read about the US Trade Representative Tai/Jubilee USA Network roundtable here.

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Episode 0921— Eric LeCompte: Forgive Us Our Debts—Woes and Wins in Canceling Student Debt

Selected Statements from Eric LeCompte

"Student debt is a very important issue and it affects many of us, not only students but often grandparents, parents, and friends as well," said Eric LeCompte. "At the heart of all of this is the question of what kind of education should be enough and should we be ensuring that everyone receives it without putting a particular type of cost on that."

"There's a lot of good news in terms of the reality that when we look at student debt, there are many groups that are working on it, that are concerned about it," LeCompte said. "And in particular, because of the pandemic and its economic challenges, a significant part of the US population is facing this issue and you see it in the news a lot more than before." 

"The developing world loses a trillion dollars a year in tax evasion, tax avoidance, and corruption. Had these monies been captured, they wouldn't be experiences such a crisis," continues Eric. "Had the institutional jubilee process that we've been working on in terms of global bankruptcy that now Pope Francis endorses, had that and previous agreements been put in place after '08-'09 crisis or in 2014 or 2015, we would have the tools right now in place to stabilize our economies." 

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White House to Convene Global COVID-19 Summit at UN General Assembly

By Rebecca Martin 

President Joe Biden will convene a COVID-19 Summit during the UN General Assembly on September 22nd. The White House is asking world leaders, civil society, industry and philanthropists to make commitments to vaccinate the world, save lives and establish a health security financing mechanism.

The Biden White House is focusing on four main themes:

  • Vaccinate the World by enhancing equitable access to vaccines and getting shots in arms.
  • Save Lives Now by solving the oxygen crisis, and making tests, therapeutics and PPE more available.
  • Build Back Better by establishing a sustainable health security financing mechanism, and global leadership for emerging threats.
  • Calling the World to Account by aligning around targets, tracking progress, and supporting one another in fulfilling our commitments.

“The summit shows how important it is for us to act quickly,” said Eric LeCompte, Executive Director of the Jubilee USA Network. “Biden knows that if we don’t move global vaccine distribution forward this year, we’ll lose more lives and our economy will suffer across the US and around the world.”

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Honduran newspaper El Heraldo quoted Eric LeCompte in an article discussing $300 million on SDRs allocated to Honduras. Read an excerpt below and the full article here.

$300 million will favor Honduras 

By Roldán Duarte Maradiaga 

The International Monetary Fund (IMF) will carry out a global issuance of Special Drawing Rights (SDR), in favor of its members, for an amount of US $ 650,000 million, “destined to underpin the global economic recovery and help the nations that must face gigantic levels of debt”. That amount is expected to be distributed according to the quotas of each country.

Eric LeCompte, executive director of Jubilee USA Network, believes that the measure adopted by the IMF "will not be enough." He believes that: "Rich countries that receive emergency reserves that they do not need, should transfer those resources to developing countries that are fighting the pandemic." In this case, we must await the reaction of the advanced countries."

Read more here.

 

 

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Eric LeCompte was featured in an article by The Star about pandemic-related losses in developing countries. Read an excerpt below and the full article here

Poor countries to lose $12 trillion to corona by 2025 - UNCTAD

By Victor Amadala

Developing countries will lose $12 trillion through 2025 because they lack vaccines and the resources that wealthy countries use to stimulate their economies.

An analysis by the United Nations Conference on Trade and Development (UNCTAD) shows poor countries will lose a decade of development and face slow economic recovery.

“The economic and health crisis is getting worse in most countries,” said Eric LeCompte, a UN finance expert and head of the religious development group Jubilee USA Network.

According to him, developing countries need vaccines and more resources to confront the pandemic. He added that without more aid, there is little chance that poor countries can meet development goals.

“Debt relief must move more quickly and must include all developing countries mired in this crisis,” noted LeCompte.

He added that developing countries that are categorized as middle-income countries, face the worst extreme poverty increases and job losses because of the pandemic.

''Unfortunately, these countries are currently left out of processes to cut their debts,'' LeCompte said. 

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