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 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 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.