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offsite link Gretchen Whitmer Goes Boogaloo Catfishin... Tue Oct 20, 2020 10:00 | Nicky Reid

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The Saker
A bird's eye view of the vineyard

offsite link Intermediate Results And Prospects Of Armenian-Azerbaijani War Tue Oct 20, 2020 09:28 | amarynth
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offsite link Why the FBI and CIA Are the Real Threats to ?National Security? Mon Oct 19, 2020 20:20 | amarynth
By Cynthia Chung for the Saker Blog Today we see the continuation of the over seven decade?s long ruse, the targeting of individuals as Russian agents without any basis, in

offsite link The Great Reset. Our way. Mon Oct 19, 2020 14:29 | amarynth
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offsite link Bolivia ? The people won, against all the odds, the people still won Mon Oct 19, 2020 09:00 | amarynth
By Chris Faure for the Saker Blog Bolivia went to the polls yesterday for the first election since the coup d’état in November 2019, that removed Evo Morales from the

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Spirit of Contradiction

offsite link The Party and the Ballot Box Sun Jul 14, 2019 22:24 | Gavin Mendel-Gleason

offsite link On The Decline and Fall of The American Empire and Socialism Sat Jan 26, 2019 01:52 | S. Duncan

offsite link What is Dogmatism and Why Does It Matter? Wed Mar 21, 2018 08:10 | Sylvia Smith

offsite link The Case of Comrade Dallas Mon Mar 19, 2018 19:44 | Sylvia Smith

offsite link Review: Do Religions Evolve? Mon Aug 14, 2017 19:54 | Dara McHugh

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G7 Finance Ministers Support Debt Relief for Poor Countries Combating COVID-19 Crisis

category international | economics and finance | press release author Friday September 25, 2020 21:38author by Zach Conti - Jubilee USA Report this post to the editors

The G7 supports a process for debt cancellation for vulnerable countries, they announced this morning after Treasury convened a special Finance Ministers meeting.

The G7 supports a process for debt cancellation for vulnerable countries, they announced this morning after Treasury convened a special Finance Ministers meeting. In a G7 statement, the ministers also encouraged an extension of the G20 Debt Service Suspension Initiative (DSSI) into next year for the world’s 73 poorest countries. "The G7 recognizes that some countries will need debt cancellation and now is calling for a process to cut debts," stated Eric LeCompte, the Executive Director of Jubilee USA Network and a United Nations finance expert. "With the poorest countries struggling with the economic and health impacts of the coronavirus, countries desperately need more aid and debt relief." In April, the G20 agreed to a process for the 73 poorest countries to stop paying debts through 2020. So far, the initiative has allowed 43 of the poorest countries to free $5.3 billion for health and social spending to respond to the pandemic. The G7 statement encouraged private creditors and banks to "voluntarily" participate in the debt payment suspension and seemed to criticize China for not fully participating in the initiative. "Reading between the lines, the G7's statement is hard on China and weak on private creditor participation," said LeCompte. "All Chinese government entities should stop taking debt payments from poor countries and stronger action must be taken to ensure the private sector joins the coronavirus debt relief initiatives." Earlier this month, several Finance Ministers joined the World Bank and IMF chiefs in calling to extend the DSSI into 2021 and arguing that private creditors should stop collecting poor country debts. "It's time to extend debt relief initiatives to all developing countries, including Middle-Income Countries, struggling with the coronavirus pandemic," shared LeCompte.  In October and November, G20, IMF and World Bank meetings will discuss the future of coronavirus debt suspension and relief efforts. Read the G7 Statement here. Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

Related Link: https://home.treasury.gov/news/press-releases/sm1135
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