New Events

International

no events posted in last week

Blog Feeds

Anti-Empire

Anti-Empire

offsite link North Korea Increases Aid to Russia, Mos... Tue Nov 19, 2024 12:29 | Marko Marjanovi?

offsite link Trump Assembles a War Cabinet Sat Nov 16, 2024 10:29 | Marko Marjanovi?

offsite link Slavgrinder Ramps Up Into Overdrive Tue Nov 12, 2024 10:29 | Marko Marjanovi?

offsite link ?Existential? Culling to Continue on Com... Mon Nov 11, 2024 10:28 | Marko Marjanovi?

offsite link US to Deploy Military Contractors to Ukr... Sun Nov 10, 2024 02:37 | Field Empty

Anti-Empire >>

The Saker
A bird's eye view of the vineyard

offsite link Alternative Copy of thesaker.is site is available Thu May 25, 2023 14:38 | Ice-Saker-V6bKu3nz
Alternative site: https://thesaker.si/saker-a... Site was created using the downloads provided Regards Herb

offsite link The Saker blog is now frozen Tue Feb 28, 2023 23:55 | The Saker
Dear friends As I have previously announced, we are now “freezing” the blog.? We are also making archives of the blog available for free download in various formats (see below).?

offsite link What do you make of the Russia and China Partnership? Tue Feb 28, 2023 16:26 | The Saker
by Mr. Allen for the Saker blog Over the last few years, we hear leaders from both Russia and China pronouncing that they have formed a relationship where there are

offsite link Moveable Feast Cafe 2023/02/27 ? Open Thread Mon Feb 27, 2023 19:00 | cafe-uploader
2023/02/27 19:00:02Welcome 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 The stage is set for Hybrid World War III Mon Feb 27, 2023 15:50 | The Saker
Pepe Escobar for the Saker blog A powerful feeling rhythms your skin and drums up your soul as you?re immersed in a long walk under persistent snow flurries, pinpointed by

The Saker >>

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link RTEs Sarah McInerney ? Fianna Fail?supporter? Anthony

offsite link Joe Duffy is dishonest and untrustworthy Anthony

offsite link Robert Watt complaint: Time for decision by SIPO Anthony

offsite link RTE in breach of its own editorial principles Anthony

offsite link Waiting for SIPO Anthony

Public Inquiry >>

Voltaire Network
Voltaire, international edition

offsite link Voltaire, International Newsletter N?111 Fri Dec 06, 2024 12:25 | en

offsite link Attempted coup d'?tat in South Korea Fri Dec 06, 2024 12:17 | en

offsite link What is changing in the Middle East , by Thierry Meyssan Tue Dec 03, 2024 07:08 | en

offsite link Voltaire, International Newsletter N?110 Fri Nov 29, 2024 15:01 | en

offsite link Verbal ceasefire in Lebanon Fri Nov 29, 2024 14:52 | en

Voltaire Network >>

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
© 2001-2024 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