G20 Finance Ministers Struggle With Economic Challenges and Global Debt
G20 finance ministers conclude their meetings during the Spring IMF and World Bank Meetings. The ministers focused on the pandemic, Ukraine war and inflation shocks to the global economy, debt vulnerabilities in developing countries, food insecurity and the climate crises.
Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who has monitored G20 and IMF meetings since 2010, releases the following statement on the G20 finance ministers meeting:
"The G20 is focused on a growing global debt crisis.
"Multiple crises are taking a heavy toll on the global economy.
"In developing countries, we lost decades of development and we are dealing with growing crises on poverty, food and climate.
"The G20 is taking steps to increase lending from development banks.
"$4 trillion annually is what developing countries need and increasing lending capacity of development banks is a way to help secure the resources that countries need."
Join us for a Jubilee USA, IMF and World Bank Press Conference: Friday, April 14th, 2:00 PM, Community Park Outside of IMF, view advisory and online and in-person press registration. (More info and and registration here).
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here.