Voice of America quoted Eric LeCompte on the COVID-19 Debt Crisis. Read the full article here.
Poorer Nations Face 'Lost Decade' Over COVID-19 Debt Crisis, UN Warns
Eric LeCompte, executive director of the Jubilee USA Network, which campaigns for debt relief for poorer nations, said creditors must act now.
In response to the pandemic, the IMF issued Special Drawing Rights — an emergency currency, effectively — worth $650 billion. Wealthy nations were the main recipients, however, drawing $400 billion from the fund.
LeCompte of the Jubilee USA Network said the G-20 should rectify the imbalance.
"The G-20 could affirm the direction of a pandemic response vehicle that could accept donations of Special Drawing Rights from wealthy countries. The IMF's Resilience and Sustainability Trust could fund long-term, affordable loans to developing countries," he said.