More than 215 Groups Call on G20 to Access $3 Trillion in Global Reserve Funds for Developing Countries

international | economics and finance | press release Wednesday February 24, 2021 21:27 by Zachary Conti - Jubilee USA

More than 215 organizations sent a letter to the G20 and IMF to issue $3 trillion in global reserves, known as Special Drawing Rights (SDRs). Spanning the globe, the signers argue that SDRs will help countries suffering from the coronavirus crisis and, "send a strong signal of renewed multilateral coordination..."

More than 215 organizations sent a letter to the G20 and IMF to issue $3 trillion in global reserves, known as Special Drawing Rights (SDRs). Spanning the globe, the signers argue that SDRs will help countries suffering from the coronavirus crisis and, "send a strong signal of renewed multilateral coordination..."

"For many countries, access to Special Drawing Rights is the only way to afford urgent coronavirus spending needs while avoiding a debt crisis," said Aldo Caliari, Senior Director of Policy and Campaigns of Jubilee USA Network, one of the letter drafters and leaders of the initiative.

On Friday, G20 finance ministers meet on the global coronavirus crisis response for the first time under the Italian G20 Presidency and will discuss SDRs.

"A new and significant allocation of SDRs would bring liquidity that countries urgently need and help stabilize their economies," explained Patricia Miranda, Advocacy Coordinator of the Latin American network LATINDADD, another drafter of the letter.

On Tuesday, the US Conference of Catholic Bishops and Jubilee USA Network sent a letter to President Biden also urging SDRs action. The letter from the largest religious group in the United States and the interfaith development group encouraged the US to lead on a range of global pandemic response efforts, including increasing development funds and expanding debt relief. The letter sent to Biden also raised the need to put in place measures to prevent another economic crisis from happening.

Read the letter from 217 groups to the IMF and G20 here.

Read the press release on the letter to President Biden from the US Conference of Catholic Bishops and Jubilee USA Network here.

Read the letter to President Biden from the US Conference of Catholic Bishops and Jubilee USA Network here.