portland independent media center  
images audio video
newswire article reporting global

economic justice

Amidst Covid-19 Spread, IMF and World Bank Signal Debt Relief for Poor Countries

Developing Countries Demand Debt Payments Stop
Washington, DC - On Monday the heads of the IMF and World Bank stated support for debt relief for very poor countries as the coronavirus spreads. African Finance Ministers called for suspension of debt payments to free up $44 billion to fight Covid-19. Ecuador's Congress also demanded its government stop paying debt.

"Countries need to prioritize fighting Covid-19 and billions can be freed up right away by halting debt payments," stated Eric LeCompte who leads the development group Jubilee USA and serves on United Nations debt expert groups. "Both among lenders and borrowers, we see growing calls to stop paying debt to save lives during the pandemic."

At G20 Finance Minister and Central Bank meetings on Monday, World Bank President David Malpass encouraged world leaders to allow very poor countries to stop paying debt. At the same meeting, the IMF's leader, Kristalina Georgieva noted the replenishing of funds in an IMF debt relief and aid mechanism that was used during the 2014 Ebola epidemic that struck 3 African countries.

"The IMF and World Bank calls for debt relief are critical in order to immediately strengthen health systems in the developing world," stated LeCompte. "In order to support all countries who need help and stop a global financial crisis we will need to broaden debt relief efforts, raise aid monies and move forward agreements that can stabilize the economy."

The leaders of LeCompte's organization, Jubilee USA, sent a letter to the head of the International Monetary Fund on Monday to take action to stop negative economic impacts of the Covid-19 virus.

The letter urges expanded debt relief and aid to bolster health-care for developing countries impacted by the coronavirus. Additional letter recommendations include debt payment moratoriums, improved debt restructuring, encouraging public budget approval processes for countries and raising revenue by curbing corruption, tax evasion and tax avoidance.

phone: phone: 2027833566105
address: address: 110 Maryland Ave NE Ste 210


it won't be "relief", it is INCREASE (thanks to Federal Reserve) 24.Mar.2020 10:01

_

Look at all the other articles on current newswire.

not just U.S., western Europe : entire planet earth will be in debt to Federal Reserve's fiat currency debt-issued dollar until total collapse/replacement of the global reserve currency system.


Federal Reserve: AN UNPRECEDENTED SYSTEM WIDE GLOBAL TAKEOVER IS UNDER WAY.
 http://portland.indymedia.org/en/2020/03/438332.shtml

Financial Expert: Central Banks Fostering Global Collapse By Design
 http://portland.indymedia.org/en/2020/03/438348.shtml

The Federal Reserve Dictatorship Runs Amok Against Savers
 http://portland.indymedia.org/en/2020/03/438339.shtml

2020 Collapse: Greater Catastrophe Than 9/11 and October 1929 Multiplied By <--EACH OTHER
 http://portland.indymedia.org/en/2020/03/438336.shtml

Fed Fires First 1st $1-Trillion Shot Into Mega-Liquidity Crisis
 http://portland.indymedia.org/en/2020/03/438321.shtml

The Virus And Capitalism
 http://portland.indymedia.org/en/2020/03/438341.shtml

How To Crush A Bankers' Dictatorship: A Lesson from 1933
 http://portland.indymedia.org/en/2020/03/438342.shtml

CBDCs: Central Banks/Federal Reserve To Implement Global Debt-Based Blockchain Money Unit
 http://portland.indymedia.org/en/2020/03/438351.shtml

Century Of Enslavement: The History Of The Federal Reserve
 http://portland.indymedia.org/en/2014/09/428243.shtml
(1:30:11)  http://www.youtube.com/watch?v=5IJeemTQ7Vk

5 Wall Street banks hold $230 trillion in Derivatives
 http://portland.indymedia.org/en/2020/03/438325.shtml#467943

The way out for a world economy hooked on debt? More debt
 http://portland.indymedia.org/en/2019/12/438001.shtml