Led by Sanders and Omar, 300+ Global Lawmakers Call on IMF, World Bank to Cancel All Debt of Poor Nations Amid Covid-19 Crisis
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Sanders, a senator from Vermont, warned that without sweeping relief, poor nations could be forced to “dedicate money that should be going towards protecting the health and safety of their people to pay off unsustainable debts.”
“We cannot allow these countries to be deprived of the resources they need to purchase food, medicine, protective gear, and medical equipment,” said Sanders. “The steps that our international coalition of lawmakers is proposing are not radical. It is the very least that these financial institutions should do to prevent an unimaginable increase in poverty, hunger, and disease that threatens hundreds of millions of people.”
The lawmakers’ letter (pdf) was sent Wednesday to World Bank president David Malpass and IMF managing director Kristalina Georgieva and also forwarded to world leaders, including U.S. President Donald Trump, U.K. Prime Minister Boris Johnson, and Canadian Prime Minister Justin Trudeau.
The letter’s demand for debt cancellation—not merely temporary suspension and deferment—for more than 70 International Development Association (IDA) countries as well as an urgent infusion of financial support was backed by hundreds of lawmakers from more than two dozen nations, including Spain, Mexico, Brazil, Peru, France, Italy, and Argentina.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction
May 14, 2020 at 3:46 PM #315344Cold Mountain TrailParticipant
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Jubilee seems to be gaining some traction
Because otherwise the entire world’s gonna crash
Could be an easy sell to segments of the christian right
It’s been building:
For Immediate ReleaseTuesday, April 14, 2020Organization Profile:Global Justice Now
Coronavirus: IMF Told to ‘Massively Scale Up’ Debt Cancellation for Developing World
Campaigners call for $40 billion of debts to be cancelled in 2020, as IMF announces $0.5 billion fund.
WASHINGTON – Campaigners today launch a global call for debt cancellation to help developing countries deal with the coronavirus crisis. From the UN to the Vatican, calls have been building in recent weeks to relieve developing countries of debts which are preventing them scaling up health and welfare spending.
As the International Monetary Fund and World Bank virtual meetings take place this week, campaigners are demanding a write-down of over $40 billion from rich governments, international institutions and banks. Yesterday, the IMF has announced a fund of $500 million, which campaigners have described as ‘a drop in the ocean’, and criticised the Fund for failing to draw on its own vast reserves to help out.
Ahead of the IMF-World Bank meetings this week, Nick Dearden, director of Global Justice Now said:
“Here in Britain, we had 4,000 ICU beds at the start of the coronavirus crisis, and we all know that wasn’t nearly enough. But look at Kenya, a country of 50 million people with only 130 intensive care beds. Or Mali, with 19 million people but only 20 ventilators. These countries need to unleash massive spending to deal with the health and economic crisis, just as our own governments have. But with debt payments costing the most vulnerable of these countries as much as $40 billion this year, they simply can’t do it unless this burden is lifted…
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