ONE reacts to frustrating G20 Finance Ministers meeting

Following the G20 Finance Ministers and Central Bank Governors meeting where they instructed the IMF to develop a proposal on Special Drawing Rights, Dr David McNair, Global Policy Executive Director at the ONE Campaign, said:

“We had high hopes for something concrete to come out of this meeting. A year into the crisis, it’s frustrating that we still don’t have a decision on a stimulus package for the poorest countries, especially in light of Secretary Yellen’s call for an economic boost in the form of Special Drawing Rights (SDRs).

“When the tools are on the table, there is no excuse not to use them.  To limit the financial fallout from this global crisis, world leaders must immediately decide on a USD 650 billion issuance of IMF SDRs coupled with a redistribution mechanism that will help vulnerable countries withstand the economic shock of COVID-19.”

BACKGROUND:

The ONE Campaign has been calling for a USD 650 billion issuance of IMF Special Drawing Rights (SDRs) coupled with a redistribution mechanism to support countries in need. Read more about ONE’s proposal here.

ONE looks forward to a decision on the IMF proposal on SDRs at the Spring Meetings in April.