Poverty

G7 COVID Summit: Vaccines, Tax, Debt, Climate, Trade

The presidents and prime ministers of 7 of the world's wealthiest countries gather in the United Kingdom to meet on the response to the economic and health crises spurred by the coronavirus. Hosted in the seaside town of Cornwall this weekend, the G7 Summit focuses on global vaccine distribution and tax, debt, aid, trade and climate policies.

Global Institutions Close Ranks Behind IMF $50 Billion Vaccine Plan

Heads of the primary global financial, trade and health institutions urged government leaders to finance a $50 billion vaccine plan to end the pandemic. “A two-track pandemic is developing, with richer countries having access and poorer ones being left behind,” shared IMF Managing Director Kristalina Georgieva, World Bank President David Malpass, World Health Organization Director General Tedros Adhanom Ghebreyesus and World Trade Organization Director General Nkozi Okonjo-Iweala in a joint statement.

IMF Proposes $50 Billion Vaccine Plan to End Pandemic and Boost Economy

 

As worldwide COVID cases peak, IMF chief Kristalina Georgieva unveiled a $50 billion proposal to support vaccinations of 60% of the world's population. During a G20 and European Commission summit, Georgieva argued the global vaccine investment would end the pandemic and spur $9 trillion in economic gains by 2025.

Sudan Debt Relief Moves Forward

US Plays Major Role in Sudan Relief Effort

Under a debt relief plan won by advocates in the early 2000s, Sudan could see a drastic cut in its $50 billion debt this summer, according to the IMF and the World Bank. 

US Supports Removal of Vaccine Trade Barrier

As developing countries struggle to access vaccines, the US announced support to eliminate trade barriers on vaccine access. In a statement Wednesday, the Biden Administration called for a waiver on COVID-19 vaccine intellectual property patents at the World Trade Organization.

“Less than 2% of vaccines reached poor countries,” said Eric LeCompte, the Executive Director of the religious development organization Jubilee USA Network. "Intellectual property rights prevent developing countries from making their own vaccines or accessing generic versions."

United Nations Convenes High-Level COVID Response Session for Vulnerable Countries

The United Nations convened on COVID response and development needs for vulnerable, small island and landlocked countries. The President of the Economic and Social Council, Pakistan Ambassador Munir Akram organized the high-level event to focus on countries struggling with specific disadvantages from the crisis.

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."

More than 215 Groups Call on G20 to Access $3 Trillion in Global Reserve Funds for Developing Countries

More than 215 organizations sent a letter to the G20 and IMF to issue $3 trillion in global reserves, known as Special Drawing Rights (SDRs). Spanning the globe, the signers argue that SDRs will help countries suffering from the coronavirus crisis and, "send a strong signal of renewed multilateral coordination..."

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