Jubilee USA Statement on Communiqué of the International Monetary and Financial Committee and Spring IMF Meetings

Washington DC -The leadership of the IMF, the International Monetary and Financial Committee, releases their Communiqué.

Eric LeCompte the Executive Director of Jubilee USA, a religious development organization, releases the following statement on the IMF and World Bank Annual Meetings and the Communiqué of the International Monetary and Financial Committee:

"We are dealing with the worst economic crisis of our lifetimes.

"The IMF is saying that our economic prospects are terrible, our economy could even face further disaster and they don't know how much worse it can actually get.

"World leaders are taking some strong actions, but even stronger actions are needed if we hope to minimize the loss of life and protect jobs.

"We welcome steps taken so far to increase aid, debt relief, debt payment suspensions and increased financing.

"While we've seen progress, we must move forward more aid, financing and debt relief for developed and developing countries so people can survive the devastating health and economic impacts of the coronavirus crisis.

"A critical action that the world must take is to access financial reserves so all countries can survive this crisis. The leaders of the IMF and G20 must approve access to these reserves, or what's also known as the special drawing rights or SDRs.

"The IMF holds $140 billion in gold reserves. Portions of this money can be used to get more aid and relief to the world's poorest countries."

Read the IMFC Statement here

Read about the IMF World Economic Report here

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 the Major Religious Institutions Letter to the 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 gold sales letter to the IMF here