top
International
International
Indybay
Indybay
Santa Cruz
Santa Cruz
Indybay
Regions
Indybay Regions North Coast Central Valley North Bay East Bay South Bay San Francisco Peninsula Santa Cruz IMC - Independent Media Center for the Monterey Bay Area North Coast Central Valley North Bay East Bay South Bay San Francisco Peninsula Santa Cruz IMC - Independent Media Center for the Monterey Bay Area California United States International Americas Haiti Iraq Palestine Afghanistan
Topics
Newswire
Calendar
Features
From the Open-Publishing Calendar
From the Open-Publishing Newswire
Indybay Feature
Treasury Notifies Congress of $650 Billion Emergency Reserves to Fight Global COVID Crisis
by Zachary Conti
Friday Apr 2nd, 2021 7:12 AM
Washington DC –Treasury notified Congress of its support for $650 billion in IMF global reserves, also known as Special Drawing Rights (SDRs), to assist developing countries struggling with the coronavirus crisis. US law requires a ninety-day advance alert to Congress before the US votes for SDRs with the IMF board.
“The notification paves the way for the US to vote in favor of these funds that developing countries need," said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. Jubilee USA advocated for the creation of these funds since the advent of the pandemic. "As early as the summer, hundreds of billions of these emergency reserve funds can now be authorized for countries struggling with the pandemic."

In February, Jubilee USA Network and the US Conference of Catholic Bishops sent a letter to Secretary Yellen and President Biden expressing support for a new SDRs allocation. Jubilee USA Network also coordinated a letter to the G20 signed by more than 215 organizations worldwide in support of SDRs. The G20 and IMF announced support for the $650 billion allocation.

Treasury says low-income countries will see $21 billion from a new allocation and other developing countries receive $221 billion.

Read the letter on SDRs, aid and debt relief from the US Conference of Catholic Bishops and Jubilee USA Network here.

Read the letter organized by Jubilee USA with 200 plus signers urging the G20 to support SDRs here.

Read about the IMF's announcement of support for $650 billion in emergency reserves here.

Read the US Treasury's Fact Sheet on the benefits of a new allocation of Special Drawing Rights here.
Add Your Comments
We are 100% volunteer and depend on your participation to sustain our efforts!

Donate

donate now

$ 170.00 donated
in the past month

Get Involved

If you'd like to help with maintaining or developing the website, contact us.

Publish

Publish your stories and upcoming events on Indybay.

IMC Network