Jubilee USA statement on creation of historic $650 billion Special Drawing Rights emergency funds to fight pandemic

The IMF creates $650 billion of Special Drawing Rights, the largest IMF emergency currency creation in history to fight the pandemic.

Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network and a United Nations finance expert, releases the following statement on the Special Drawing Rights allocation:

"Developing countries can use these emergency funds to respond to the coronavirus crisis in their own countries.

"Countries can use the Special Drawing Rights to bolster social programs and provide healthcare.

"More than $230 billion of these funds goes to developing low-income and middle-income countries. The G7 countries will receive more than $280 billion. 

“The G7 and other wealthy countries don't need these reserve funds and should donate them to developing countries for pandemic response."

See Jubilee USA's calculation of the approximate amount each country will receive in emergency SDRs currency here.

Read Jubilee USA's press release on the pandemic here.

Read Jubilee USA's IMF COVID response letter calling for Special Drawing Rights aid with nearly 270 signatories here.

Read the SDR letter signed by 240 global groups organized by Jubilee USA and Latindadd here.

Read Jubilee USA and the US Conference of Catholic Bishops joint letter to the White House on SDRs here.

Read about the March High-Level Treasury Secretary Yellen/Jubilee USA Network Religious Leader Roundtable that included SDRs here.