Economy News _ Baghdad
Nearly 140 pressure groups and charitable organizations urged the International Monetary Fund, the World Bank, the Group of Twenty and private creditors on Tuesday to help the poorest countries in crisis as a result of the emerging Corona virus by forgiving them from debt payments.
The calls to lead the UK-based Jubilee Debt Relief Campaign come a day before a scheduled meeting of a group of nations tasked with the G20 to respond to developing countries facing the Corona pandemic.
Separately, Ken Finance of Ata-Atta, who heads the Development Committee advising the World Bank and the International Monetary Fund, has urged China in particular as Africa's largest lender, to do more to ease debt relief.
The Jubilee Campaign called for the immediate abolition of debt installments and entitlements for 69 poor countries until the end of the year, including benefits for private lenders, and estimated that this would reduce the burden of up to $ 25 billion from those countries or $ 50 billion if extended for the next year.
It called for any additional financing or debt relief to be made without conditions such as imposing austerity measures and for the G20 to adopt emergency rules prohibiting the prosecution of private sector lenders to poor countries.
"Developing countries are experiencing an unprecedented economic shock and at the same time facing an urgent health emergency," said Jubilee campaign manager Sarah-Jane Clifton.
Indeed, major governments and institutions are pushing for the implementation of some of the measures advocated by these groups.
African governments have recently expressed concerns that the measures put forward so far will not be sufficient.
The debt relief campaign statement signed by groups such as Oxfam and Save the Children also included a call for a mechanism, across the United Nations, for a systematic and applicable sovereign debt restructuring.
Debt relief claims for poor countries affected by Corona
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