Poverty

IMF Urges Wealthy Countries to Send COVID Aid to Poor Countries

FOR IMMEDIATE RELEASE
October 4, 2021

Available for interview: Eric LeCompte, Executive Director
Contact: Olivia Engling, Communications and Operations Manager
olivia@jubileeusa.org / (202) 709-7696 

IMF Urges Wealthy Countries to Send COVID Aid to Poor CountriesCountries Can Donate Special Drawing Rights, an Emergency IMF Currency

DC Jail gets another Decarcerate DC noise demo demanding release of ALL inmates

Shortly after dark on the 21st of August, Decarcerate DC again showed up at the DC Jail to hold a noise demo in solidarity with ALL the prisoners trapped inside. Demands are nothing less than the closure of DC Jail and every other jail and prison on the continent and the release of every last inmate. Prison abolition means exactly that.

Video-noise demo at DC Jail 1 min 5 sec

Chanting, singing, and banging pots and pans outside the jail

IMF Creates Historic $650 Billion in Emergency Funds to Fight Pandemic

Jubilee USA Estimates Wealthy G7 Countries Receive $280 billion and Developing Countries Receive $230 billion from an IMF Currency Creation

On Monday, the IMF creates $650 billion of Special Drawing Rights (SDRs), the largest IMF emergency currency creation in history in order to fight the pandemic. 

G7 COVID Summit: Vaccines, Tax, Debt, Climate, Trade

The presidents and prime ministers of 7 of the world's wealthiest countries gather in the United Kingdom to meet on the response to the economic and health crises spurred by the coronavirus. Hosted in the seaside town of Cornwall this weekend, the G7 Summit focuses on global vaccine distribution and tax, debt, aid, trade and climate policies.

Global Institutions Close Ranks Behind IMF $50 Billion Vaccine Plan

Heads of the primary global financial, trade and health institutions urged government leaders to finance a $50 billion vaccine plan to end the pandemic. “A two-track pandemic is developing, with richer countries having access and poorer ones being left behind,” shared IMF Managing Director Kristalina Georgieva, World Bank President David Malpass, World Health Organization Director General Tedros Adhanom Ghebreyesus and World Trade Organization Director General Nkozi Okonjo-Iweala in a joint statement.

IMF Proposes $50 Billion Vaccine Plan to End Pandemic and Boost Economy

 

As worldwide COVID cases peak, IMF chief Kristalina Georgieva unveiled a $50 billion proposal to support vaccinations of 60% of the world's population. During a G20 and European Commission summit, Georgieva argued the global vaccine investment would end the pandemic and spur $9 trillion in economic gains by 2025.

Sudan Debt Relief Moves Forward

US Plays Major Role in Sudan Relief Effort

Under a debt relief plan won by advocates in the early 2000s, Sudan could see a drastic cut in its $50 billion debt this summer, according to the IMF and the World Bank. 

US Supports Removal of Vaccine Trade Barrier

As developing countries struggle to access vaccines, the US announced support to eliminate trade barriers on vaccine access. In a statement Wednesday, the Biden Administration called for a waiver on COVID-19 vaccine intellectual property patents at the World Trade Organization.

“Less than 2% of vaccines reached poor countries,” said Eric LeCompte, the Executive Director of the religious development organization Jubilee USA Network. "Intellectual property rights prevent developing countries from making their own vaccines or accessing generic versions."

United Nations Convenes High-Level COVID Response Session for Vulnerable Countries

The United Nations convened on COVID response and development needs for vulnerable, small island and landlocked countries. The President of the Economic and Social Council, Pakistan Ambassador Munir Akram organized the high-level event to focus on countries struggling with specific disadvantages from the crisis.

Jubilee USA Statement on World Bank and IMF Annual Meetings and IMFC Communiqué

World leaders, finance ministers, heads of corporations and development groups are meeting virtually for the World Bank and IMF Spring Meetings. The International Monetary and Financial Committee (IMFC), the IMF policymaking body, discussed policy responses to the global COVID-19 economic crisis, including tax, aid, vaccines, Special Drawing Rights and debt processes to support developing countries.

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