Heads of IMF and World Bank Support G20 Debt Suspension

Washington DC - IMF head, Kristalina Georgieva and World Bank President, David Malpass spoke to the G20 Finance Ministers and Governors this morning on debt relief and using multi-stakeholder processes to relieve debt.

Eric LeCompte the Executive Director of Jubilee USA Network and a United Nations Finance Expert, releases the following statement on the announcement:

"What's new and exciting about the the comments from Georgieva and Malpass is that they are urging all types of creditors to come together to relieve the debts of the poorest countries.

"Malpass is strongly encouraging commercial creditors to also offer debt relief.

"It's exciting that both the Fund and the World Bank are alluding to a process that will bring together multiple stakeholders.

"Civil society and monitoring mechanisms need to be a part of any coordinating creditor mechanism.

"The devil is still in the details. How will we deal with further debt vulnerabilities and sustainability issues?"

Read Remarks by IMF's Kristalina Georgieva During the G20 Finance Ministers and Central Bank Governors Meeting here

Read World Bank President David Malpass's Remarks to G20 Finance Ministers here

Read about Major Religious Institutions Letter to President, IMF and G20 to Cancel Debts and Use Reserves to Protect Poor here

Read Jubilee USA's March 23rd letter to IMF on a health and economic COVID-19 plan  here

Read Jubilee USA's April 1st letter to the IMF on reserve gold funds here