Labor/Economics/Business

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.

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.

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.

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.