Labor/Economics/Business

Jubilee USA Statement on IMF and World Bank Meetings and Development Committee Communiqué

The Development Committee, a ministerial-level consensus building and policymaking body for the World Bank and the IMF, met as part of the Spring IMF and World Bank Meetings.

Eric LeCompte the Executive Director of the religious development organization Jubilee USA, a UN expert who monitors IMF and World Bank meetings, releases the following statement on the meetings and World Bank Development Committee Communiqué:

Jubilee USA Statement on World Bank and IMF Annual Meetings and IMFC Communiqué

World leaders, finance ministers, heads of corporations and development groups are meeting virtually for the World Bank and IMF Spring Meetings. The International Monetary and Financial Committee (IMFC), the IMF policymaking body, discussed policy responses to the global COVID-19 economic crisis, including tax, aid, vaccines, Special Drawing Rights and debt processes to support developing countries.

260 Faith, Labor and Development Groups Press IMF, G20 and White House on COVID Response

As G20, IMF and World Bank Spring Meetings convene virtually on global COVID response, 260 groups call for developing country aid and policies to prevent future crises and protect the environment.

Organized by Jubilee USA Network, 260 religious groups, anti-poverty organizations, labor unions, environmental and human rights institutions signed a letter on coronavirus crisis response to the White House, G20 and IMF. 

IMF: Indebted Countries Suffer if US Interest Rates Rise

The IMF warns that rising US interest rates could impact the ability of developing countries to pay debt, leading to prolonged economic crisis. The warning comes ahead of IMF, G20 and World Bank meetings, with the Fund's release of the Global Financial Stability Report.

“Except for Zambia, all countries that defaulted over the last year were middle-income countries,” said Eric LeCompte, the Executive Director of the religious development organization Jubilee USA Network. “Unfortunately, developing middle-income countries are not included in IMF and G20 debt relief solutions."

IMF Reports Pandemic Economic Outlook Uncertain

"The pandemic will reverse the progress made since the 1990s in reducing global poverty and will increase inequality," states the IMF in its flagship World Economic Outlook report. 

"The forecasts of rising inequality and tens of millions of people falling into extreme poverty must be averted," stated Eric LeCompte who monitors the IMF and is the Executive Director of the religious development group Jubilee USA Network. "We can reverse these dire predictions with strong aid packages and deep debt relief for all developing countries."

IMF Cancels Debt for 28 Poor Countries into Fall of 2021

The IMF Executive Board extended a process to cancel debt payments for the world's 28 poorest countries. 

Treasury Notifies Congress of $650 Billion Emergency Reserves to Fight Global COVID Crisis

Treasury notified Congress of its support for $650 billion in IMF global reserves, also known as Special Drawing Rights (SDRs), to assist developing countries struggling with the coronavirus crisis. US law requires a ninety-day advance alert to Congress before the US votes for SDRs with the IMF board.

IMF Head: Global Recovery Uncertain as People Face Income Drops

International Monetary Fund head Kristalina Georgieva warned of an uncertain global recovery as the world struggles with the COVID spurred economic crisis. The IMF Managing Director stated concern that average incomes in developing countries faced drops of 20% and 11% in advanced economies. "This loss of income means millions of people will face destitution, homelessness, and hunger," reported Georgieva during her curtain raiser speech ahead of the Spring IMF and World Bank meetings.

G7 Supports Emergency Funds for Developing Country COVID Relief

G7 finance ministers agreed to create emergency reserve funds for developing countries wrestling with coronavirus economic impacts. The funds are likened to a type of currency the International Monetary Fund creates, called Special Drawing Rights (SDRs).

G20 Discusses Stimulus, Climate and Aid for Developing Countries

G20 finance ministers met Friday to discuss global coronavirus response. The group endorsed continuing stimulus plans in wealthy countries and supporting plans to increase aid and vaccine access for developing countries.

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