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offsite link Moscow Salvages START Nuke Control Exten... Wed Oct 21, 2020 17:13 | Tom O’Connor

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The Saker
A bird's eye view of the vineyard

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

offsite link Armenian Forces Use Their Last Chance To Turn Tide Of War With Azerbaijan Wed Oct 21, 2020 12:37 | amarynth
South Front The Azerbaijani Armed Forces have been developing their advance on Armenian positions in the contested Nagorno-Karabakh region. On October 19, they captured 13 more villages in the Jabrayil

offsite link Moveable Feast Cafe 2020/10/21 ? Open Thread Wed Oct 21, 2020 11:30 | Herb Swanson
2020/10/21 10:30:02Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of

offsite link USA SITREP: FBI indicted Russian trombone player as a ?GRU hacker? Tue Oct 20, 2020 19:53 | The Saker
By Lilia Shumkova, a Moscow based independent journalist, for The Saker Blog A federal grand jury sitting in the Western District of the US state of Pennsylvania without citing any

offsite link What the Great Reset Architects Don?t Want You To Understand About Economics Tue Oct 20, 2020 18:41 | amarynth
By Matthew Ehret for the Saker Blog It shouldn?t come as a surprise that the Vice President of the World Bank Carmen Reinhardt recently warned on October 15 that a

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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 >>

COVID Crisis: G20 Defers Action on Aid, Tax and Debt Cancellation

category international | economics and finance | press release author Wednesday October 14, 2020 22:00author by Zach Conti - Jubilee USA Report this post to the editors

G20 finance ministers agreed to extend debt payment relief for the 73 poorest countries and, in principle, to have a common framework to cancel debts. The G20 Finance Ministers and Central Bank Governors met on global COVID-19 response plans ahead of the Annual IMF and World Bank Meetings.

G20 finance ministers agreed to extend debt payment relief for the 73 poorest countries and, in principle, to have a common framework to cancel debts. The G20 Finance Ministers and Central Bank Governors met on global COVID-19 response plans ahead of the Annual IMF and World Bank Meetings. "Debt payment relief for the poorest countries is good news, but it's a short term solution,” said Eric LeCompte the Executive Director of Jubilee USA Network and a United Nations finance expert. "We're disappointed not to have a stronger agreement on a permanent debt reduction process, yet, but it's hopeful that the G20 is holding a special meeting on this process in the coming weeks.” G20 finance ministers will hold a special meeting before G20 presidents and prime ministers meet in November, on a country debt reduction plan or the “Common Framework for Debt Treatments beyond DSSI.” The announcement came as the International Monetary Fund forecast a contraction of 4.4 % for this year in the global economy and a recovery that will be long, uneven and prone to setbacks. "The only way for some developing countries to have the resources they need to recover from the coronavirus crisis is to have a process that permanently reduces their debts,” stated LeCompte. “Given that some of the greatest increases in poverty and job loss are in these developing countries, the G20 can't afford to wait any longer on moving forward a plan.” The G20 expressed disappointment at the absence of private creditor participation in the debt suspension initiative. "The G20 should be doing more to press the private sector on debt relief. It seems since April, the position of the G20 has weakened on private sector participation in debt relief,” noted LeCompte.  International tax cooperation was also a focus of the G20. The countries had vowed to agree this year to a global plan for taxing digital revenues and ensuring multinationals pay tax, but they now pushed back that timeline to mid-2021. “Part of the reason we are in this mess, is because countries aren't raising enough revenues. Now revenues are plummeting in many countries because of the pandemic and the G20 must make more progress on global tax solutions,” explained LeCompte. "An immediate way to combat the coronavirus and support developing countries in crisis is to access trillions of dollars in global reserve funds or the Special Drawing Rights. Unfortunately the G20 made little progress on authorizing what could be a lifesaving measure for countries in crisis." Read the G20 communique here. Read Jubilee USA's press release on the IMF's World Economic Outlook and Global Financial Stability reports here.  https://www.jubileeusa.org/imf_econ_reports_inequality_poverty_covid?utm_campaign=ps_g20_finmin_cbg_meeting_2020&utm_campaign=ps_g20_finmin_cbg_meeting_2020&utm_medium=email&utm_m...eeusa

Related Link: https://www.jubileeusa.org/pr_covid_g20_defer_action
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