Jubilee USA

For Immediate Release

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G20 Announces Debt Suspension Process

IMF Head Calls on World to Protect the Vulnerable During Coronavirus Crisis

WASHINGTON - The G20 announces a suspension of debt payments for the world's 76 poorest countries. Kristalina Georgieva, the Managing Director of the International Monetary Fund calls for every resource to be deployed to protect lives and livelihoods throughout the world.

Eric LeCompte the Executive Director of Jubilee USA Network and a United Nations Finance Expert, releases the following statement on G20 announcement and Managing Director speech:

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"Georgieva's speech hits the right notes. All of us need to do everything we can and deploy every resource to save lives and protect jobs in the face of the coronavirus.

"The most innovative piece of the G20 commitment to suspend debt payments for the poorest countries, is to create a process that involves private creditors, banks and other commercial creditors to also offer debt relief.

"A process that brings together a collective mechanism to deal with suspending all debt payments for the poorest countries is historic.

"We still have a lot of questions and we still need to hammer out a lot of details. What is happening with the interest on the debt? What about other developing countries and emerging markets who need relief? How will a process move forward to cut debt when debt is unsustainable for countries?"

Read about the IMF's Debt Relief for 25 Poor Countries here

Read about the Catholic Bishops Letter to Urge President Trump to Lead Global COVID-19 Debt Relief here

Read Jubilee USA's March 23rd letter to IMF on a health and economic COVID-19 plan  here

Read Jubilee USA's April 1st letter to the IMF on reserve gold funds here

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Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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