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International | Global Justice and Anti-Capitalism

G20 Focuses on Debt, Taxes, Corruption, Syria and IMF Quotas
by Jennifer Tong
Monday Sep 9th, 2013 7:43 AM
G20 Focuses on Debt, Taxes, Corruption, Syria and IMF Quotas
The G20 meeting concludes on September 6, 2013, in St. Petersburg, Russia and delegates released their leaders' declaration.

Eric LeCompte, Executive Director of Jubilee USA Network, releases the following statement:

"In spite of what's been portrayed as a meeting divided by Syria issues, the G20 has really come together on corruption. It's clear that the G20 is interested in focusing on these issues for the long haul.

"On debt, we were excited to learn of the G20's internal conversations on an international bankruptcy process. We need such a process to ensure stability in the global economy. While G20 leaders recognized the importance of addressing debt sustainability, they're still relying on financial institutions to work with the developing world in ways that hinder growth.

"It's exciting to see the G20 continue the conversation on curbing global tax avoidance. As a global community, this continued focus is imperative to protect the most vulnerable. While some proposals are still falling short, there's progress on information sharing to stop tax avoidance.

"We agree with the G20 assessment that the 2010 IMF Quota and Governance Reform is urgently needed. The U.S. Congress needs to follow the lead of the White House and just get this done. This is the most immediate path for increasing the participation of the IMF's poorest member countries.

"It's encouraging the G20 wants to ensure higher levels of protection for consumers."

Jubilee USA Network is an alliance of more than 75 U.S. organizations, 250 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world’s poorest people. http://www.jubileeusa.org