Jubilee USA

For Immediate Release

Organization Profile: 
Contact: 

Phone: 202.783.3566
Email: coord(at)jubileeusa.org

July 8, 2020 World Leaders Meet to Tackle COVID Debt and Development Crises

WASHINGTON - The G20 and Paris Forum convened a global virtual High-Level Ministerial conference for 39 countries focused on the economic, debt and development impacts of the coronavirus. 

"The meeting offered recommendations to the G20 as it tries to build consensus on next steps for dealing with the coronavirus economic impacts," noted Eric LeCompte, a United Nations finance expert and the Executive Director of the religious development group Jubilee USA. "G20 Finance Ministers meet next week and will move forward decisions on debt relief and development aid for developing countries."

In April, the G20 moved forward a plan to suspend debt payments for 73 of the world's poorest countries. 41 of the 73 countries are accepting the relief.

"Next week's G20 meeting will focus on extending the debt payment suspension into 2021," said LeCompte. "While suspending the debt payments generate billions of dollars for poor countries to deal with the coronavirus, the G20 plan still faces challenges. Not all G20 countries are fully participating and the private sector and commercial banks won't commit to join in debt relief measures. We also have the whole category of developing Middle Income Countries who are left out of debt relief plans."

The July 8th, High-Level Ministerial Conference, "Tackling the COVID-19 Crisis, Restoring Sustainable Capital Flows and Robust Financing for Development," included speeches from the heads of the IMF and World Bank. The World Bank's David Malpass called on China's Development Bank to join the debt suspension and he noted that some countries will need debts permanently reduced. Kristalina Georgieva, the head of the IMF, urged world leaders to start to look more closely at the challenges that Middle Income Countries like tourism dependent small island states face.

"The coronavirus crisis is destroying livelihoods and economies," noted LeCompte. "Expanding and increasing debt relief so people can survive the economic and health impacts of the crisis is essential for the developing world."

See the conference agenda here.

###

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.

Please select a donation method:



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

Share This Article