Watch the live Broadcast video of the webinar held on Thursday, June 25
– Andres Arauz, former Director of the Central Bank of Ecuador
– Patricia Miranda, Global Advocacy Director, Latindadd
– Jean Saldanha, Executive Director, Eurodad
– Matthew Martin, Advisor of Francophone Finance Ministers of Africa, Director, Debt Relief International
– Eric LeCompte, Executive Director, Jubilee USA Network (Moderator)
Developing countries faced debt and financial crisis prior to COVID-19. Inequality exacerbates the economic crisis spurred by the coronavirus in developed and developing countries. Too many countries, due to austerity policies, wrestled with weakened health systems and soaring unemployment before the coronavirus hit. Over 110 countries seek emergency support. The suspension of debt payments for a few countries is not enough to get through the crises, let alone being able to achieve the Sustainable Development Goals to end poverty and address inequality. Development aid, boosting tax revenues, curbing tax evasion and corruption are necessary, but cannot deliver enough resources or the urgent resources needed.
The United Nations Secretary General and UN agencies, African Finance Ministers, the International Monetary Fund, many countries and civil society organizations, call for a new and large issuance of IMF Special Drawing Rights (SDRs) to offer efficient, unconditional and rapid means of providing liquidity to all developing countries.
Accessing these critical global reserve funds requires the IMF Executive Directors and the G20 to make an urgent decision that impacts every person in the world.