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jubilee usa
Global Institutions Close Ranks Behind IMF $50 Billion Vaccine Plan
Jun 02, 2021
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.
"Since the IMF released its vaccine plan at the G20 Health Summit 10 days ago, voices are growing to ensure universal vaccine access," said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. "With what's at stake for everyone's health and the global economy, it's critical that we act quickly and invest more towards global vaccine access."
The IMF argues that the global vaccine investment would spur $9 trillion in economic gains by 2025. The proposal requires the mobilization of public and private donations and cheap loans. The leaders also called for surplus vaccines to be donated to developing countries.
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IMF Proposes $50 Billion Vaccine Plan to End Pandemic and Boost Economy
May 21, 2021
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.
"Economic forecasts for most countries are grim," said Eric LeCompte, Executive Director of the religious development group Jubilee USA. "Unless we can get most of the global population vaccinated quickly, most countries will be worse off in coming years and all countries are likely to face economic shocks."
The IMF says their vaccine plan could be funded through public and private donations and cheap loans.
In April, the IMF and G20 supported the creation of $650 billion in global reserve funds, known as Special Drawing Rights. Up to $400 billion of these pandemic crisis response funds could be donated to support additional needs of developing countries.
"Rich countries can donate their new reserve funds or Special Drawing Rights to support vaccine distribution in developing countries," shared LeCompte. "It's critical that wealthy countries act now and support global vaccinations. If we don't act, more lives will be lost and the global economy will suffer."
Read the IMF proposal here.
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Sudan Debt Relief Moves Forward
U.S. plays major role in Sudan relief effort.
May 07, 2021
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.
"Sudan's debts would be cut by 85% under the debt relief plan," said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network, which was a major force for the creation of the debt reduction process. "Debt relief cannot come soon enough for Sudan as the country struggles with the pandemic and a 50% poverty rate."
Thirty-seven, out of thirty-nine eligible countries, received debt relief under the Heavily Indebted Poor Countries Initiative or HIPC. In order for Sudan to receive a debt reduction it must meet IMF economic reforms and clear missed debt payments. The United States loaned $1.1 billion to Sudan to clear debt payment arrears to the World Bank and convened creditors to secure debt relief.
"The United States is an important leader in Sudan debt relief and is playing a crucial role in expanding debt relief policies during the pandemic," shared LeCompte, who worked with Republican and Democratic administrations for more than a decade on debt policies. "This relief for Sudan can support economic growth and stabilize a hard-won peace in a country where conflict raged for 17 years."
After Sudan obtains debt relief, Eritrea remains the lone country that could qualify under the HIPC debt relief plan won by Jubilee USA.
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