Labor/Economics/Business

IMF Gold Reserves Can Provide Coronavirus Relief Says Development Group

Washington, DC - As the International Monetary Fund, G20 and world leaders consider urgent actions to confront the economic impacts of the coronavirus, a development group says IMF money is available to prevent crisis and support healthcare."We believe the Fund should take additional, deeper actions to expand debt relief, aid to the poorest countries in the world as well as offer greater relief to the so-called Middle Income Countries," wrote Jubilee USA Executive Director Eric LeCompte in a letter to the head of the IMF, Kristalina Georgieva.

United Nations Agency Calls for $1 Trillion COVID-19 Debt Relief Package

Vatican Official Calls for "Jubilee"Washington DC -  A United Nations agency that predicted the 2008 financial crisis is calling for $1 trillion in debt relief for developing countries to battle the economic impacts of the coronavirus. "We are in a recession and likely facing the greatest financial crisis since the Great Depression," stated Eric LeCompte, the Executive Director of the religious development group Jubilee USA.

IMF Announces Coronavirus Debt Relief and Increased Lending Resources

Washington DC -  As the coronavirus continues to take lives and wreak havoc on health systems and the economy, the International Monetary Fund announced plans for debt relief for poor countries and increased lending resources for all countries. "Debt relief and aid to bolster health systems in developing countries is urgently needed," said Jubilee USA Executive Director Eric LeCompte. LeCompte's organization sent a letter to the IMF on Monday urging debt relief, increased below market-rate lending and improving debt restructuring processes.

G20 Emergency Meeting Convenes on Coronavirus Health and Economic Impacts

Washington DC -  Saudi Arabia chaired an emergency virtual G20 meeting for Presidents and Prime Minsters as the coronavirus wreaks havoc on the global economy. The leaders pledged to pump $5 trillion into the economy, cooperate on health efforts and address debt risks facing poor countries."World leaders are incredibly concerned about a crisis that is taking lives and could destroy our economy," shared Eric LeCompte, a United Nations finance expert and Executive Director of the religious development group Jubilee USA.

Somalia Wins Debt Relief

Washington, DC -  The International Monetary Fund and World Bank announced that Somalia qualifies to receive debt relief. In three years time, Somalia's debt will be reduced from $5.2 billion to $557 million."Debt relief for Somalia is incredibly exciting news and can't come soon enough," said Eric LeCompte who leads Jubilee USA, a development group that advocated for debt relief for the African country.

IMF and World Bank Ask G20 to Halt Debt Collection for Poor Countries

Washington, DC -  The International Monetary Fund asked G20 countries and other lending countries to stop collecting debt from poor countries due to the coronavirus pandemic."We urge lending countries to take up this call so billions of dollars can be freed up for poor countries dealing with impacts of the coronavirus," said Eric LeCompte who leads Jubilee USA. The religious development group sent a letter to the IMF on Monday urging debt payment moratoriums.

Amidst Covid-19 Spread, IMF and World Bank Signal Debt Relief for Poor Countries

Washington, DC -  On Monday the heads of the IMF and World Bank stated support for debt relief for very poor countries as the coronavirus spreads. African Finance Ministers called for suspension of debt payments to free up $44 billion to fight Covid-19. Ecuador's Congress also demanded its government stop paying debt."Countries need to prioritize fighting Covid-19 and billions can be freed up right away by halting debt payments," stated Eric LeCompte who leads the development group Jubilee USA and serves on United Nations debt expert groups.

Jubilee USA Urges Immediate IMF Covid-19 Action

Washington, DC - The leadership of a religious development group wrote the head of the International Monetary Fund, Kristalina Georgieva, to help stop negative economic consequences of the Covid-19 virus. “Economic forecasts warn that a possible financial crisis or depression, spurred by the coronavirus, could be worse than the 2008 financial crisis,” warned the letter sent on Monday to the IMF from Jubilee USA's executive officers, Celeste Drake, Reverend Steve Herder, Rabbi Matthew Cutler, Reverend Aniedi Okure and Eric LeCompte.

IMF and Word Bank Heads Debate Growing Debt Problems

Washington, DC - The leaders of the World Bank and IMF discussed concerns of global debt levels at an event held today at the World Bank Preston Auditorium. "World Bank and IMF data asserts debt levels and vulnerabilities are at worrying levels," noted Eric LeCompte who leads the religious development coalition, Jubilee USA Network.

2019 in Progressive Activism

Video compilation of protests and direct actions mostly but not entirely in the DC area as the resistance against the regime of Donald Trump enters its third year. (16 min 58 sec)

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