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For Immediate Release

Press Release

IMF Urges Wealthy Countries to Send COVID Aid to Poor Countries

Countries Can Donate Special Drawing Rights, an Emergency IMF Currency
WASHINGTON -

IMF Managing Director Kristalina Georgieva urged wealthy countries to donate IMF emergency COVID aid to developing countries. Her remarks opened an event organized by Jubilee USA Network in preparation for October IMF and G20 meetings.

“In August, the IMF created a type of emergency currency called Special Drawing Rights to help countries fight the COVID economic and health crises,” said Jubilee USA Executive Director Eric LeCompte. "Wealthy countries received more than $400 billion of the relief aid while developing countries received around $235 billion. Wealthy countries can't use the special currency and should donate it to poor countries being ravaged by the pandemic."

The IMF's Strategy, Policy and Review Department Director Ceyla Pazarbasioglu, former finance officials and development groups spoke at the event.

“Developing countries can use the emergency aid for healthcare, social programs and protecting the environment,” added LeCompte. 

In a letter sent to the G20 organized by Jubilee USA Network and Latindadd, 250 organizations propose guidelines for wealthy countries to donate their Special Drawing Rights to developing countries.

Read Jubilee USA's press release on the G20/IMF letter here.

Read the IMF/G20 letter here.

Read Jubilee USA's press release on the creation of Special Drawing Rights here.

###

Jubilee USA Network is an interfaith, non-profit alliance of religious, development and advocacy organizations. We are 75 U.S. institutions and more than 750 faith groups working across the United States and around the globe. We address the structural causes of poverty and inequality in our communities and countries around the world.

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