New Events

International

no events posted in last week

Blog Feeds

Anti-Empire

Anti-Empire

offsite link Health Experts Now Recommend Maximizing ... Thu Oct 22, 2020 19:26 | The Babylon Bee

offsite link Will Things Ever Go Back to Normal? Thu Oct 22, 2020 09:00 | Joakim Book

offsite link Four Newborns in Australia Have Died Bec... Wed Oct 21, 2020 21:51 | Levi Parsons

offsite link Australian Special Forces Executed Afgha... Wed Oct 21, 2020 20:23 | Walrus

offsite link EU Is Gearing Up for Another Interventio... Wed Oct 21, 2020 19:25 | Jason Ditz

Anti-Empire >>

The Saker
A bird's eye view of the vineyard

offsite link Russian President Putin Delivers Speech at Valdai Discussion Club -2020 Thu Oct 22, 2020 17:31 | amarynth
A transcript will be posted as soon as it is available.

offsite link Reforming the EU ? Like waiting for Godot! Thu Oct 22, 2020 12:26 | amarynth
By Francis Lee for the Saker Blog There is a human tendency to cling on to cherished beliefs even in the face of overwhelming evidence to the contrary. There was

offsite link Phoenix and the rebirth of evil Part II: Thu Oct 22, 2020 12:10 | amarynth
The cold, reptilian eyes of William Colby   By Ken Leslie for the Saker Blog One of the persisting delusions of the modern liberal thought states that the humanity has

offsite link ?North Korea Rising? Interpreting Pyongyang?s Strategic Position After its Groundbreaking Military P... Wed Oct 21, 2020 20:21 | amarynth
By A.B. Abrams for the Saker Blog Marking the 75th anniversary of the foundation of the Korean Workers? Party, today the oldest ruling party in the world, a major military

offsite link Iron Curtain still separates Russia and the EU Wed Oct 21, 2020 18:13 | amarynth
by Pepe Escobar with permission and first posted at Asia Times Sergey Lavrov, Russia?s Foreign Minister, is the world?s foremost diplomat. The son of an Armenian father and a Russian

The Saker >>

Spirit of Contradiction

offsite link The Party and the Ballot Box Sun Jul 14, 2019 22:24 | Gavin Mendel-Gleason

offsite link On The Decline and Fall of The American Empire and Socialism Sat Jan 26, 2019 01:52 | S. Duncan

offsite link What is Dogmatism and Why Does It Matter? Wed Mar 21, 2018 08:10 | Sylvia Smith

offsite link The Case of Comrade Dallas Mon Mar 19, 2018 19:44 | Sylvia Smith

offsite link Review: Do Religions Evolve? Mon Aug 14, 2017 19:54 | Dara McHugh

Spirit of Contradiction >>

IMF Calls for New Global Debt Policies to Confront COVID Financial Crisis

category international | politics / elections | press release author Friday October 02, 2020 19:16author by Zachary Conti - Jubilee USA Report this post to the editors

IMF head Kristalina Georgieva warned that developing countries could face a second wave of economic crises just as they are recovering from the coronavirus pandemic. "... There is a need to reform the international debt 'architecture' ... to provide speedy and sufficiently deep debt relief to countries that need it, benefitting not only these countries but the system as a whole," wrote Georgieva and other top IMF officials in a Fund blog published Thursday.

IMF head Kristalina Georgieva warned that developing countries could face a second wave of economic crises just as they are recovering from the coronavirus pandemic. "... There is a need to reform the international debt 'architecture' ... to provide speedy and sufficiently deep debt relief to countries that need it, benefitting not only these countries but the system as a whole," wrote Georgieva and other top IMF officials in a Fund blog published Thursday.

"The IMF is declaring that global processes and policies must be reformed to address skyrocketing debt levels and countries facing debt crises," shared Eric LeCompte, the Executive Director of the religious development group Jubilee USA and a UN finance expert. "If we had better debt processes in place before the coronavirus struck, we may not have experienced an economic crisis of this magnitude."

In addition to international debt policy and process reforms, the Georgieva blog asserts the G20 should continue suspending debt payments for poor countries.

In April, the G20 agreed to the Debt Service Suspension Initiative, a process for the 73 poorest countries to stop paying debts through 2020. The initiative allowed 43 of the poorest countries to free $5.3 billion for health and social spending to respond to the pandemic. Without G20 action, the initiative expires at the end of the year.

"Unless we move forward additional aid and debt relief, too many countries could see lost decades of development," said LeCompte.

According to the IMF, about half of low-income countries faced severely high debt levels or financial crisis prior to the onslaught of COVID-19.

"Debt relief and aid needs to be increased and expanded to include more developing countries struggling to confront the health and economic impacts of the pandemic," noted LeCompte. "As we reform debt processes and policies to meet this current crisis, we must also strengthen processes to prepare us to combat future financial crises."

Read Georgieva's IMF blog here.


https://blogs.imf.org/2020/10/01/reform-of-the-international-debt-architecture-is-urgently-needed/
https://www.jubileeusa.org/pr_imf_debt_policies_covid_crisis

Related Link: https://www.jubileeusa.org/pr_imf_debt_policies_covid_crisis
© 2001-2020 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy