ONE applauds Secretary Yellen’s call for new SDRs ahead of G20 finance meeting

WASHINGTON — The ONE Campaign, the global anti-poverty organization co-founded by Bono, released the below statement following the news that Secretary Yellen will back a new issuance of Special Drawing Rights (SDRs) ahead of the G20 finance ministers meeting tomorrow.

Tom Hart, North America executive director at The ONE Campaign said:

“Secretary Yellen’s announcement today is incredibly important and welcome news. It moves us closer to providing a vital economic lifeline needed to restart vulnerable economies and limit the impact of this global pandemic. While the world is currently dealing with one global pandemic, without urgent action we are faced with two divergent futures: one for the world’s wealthier countries that can mobilize trillions in stimulus funds, and one for low-income countries that face the risk of default and insolvency.

“We hope the G20 countries will support a USD 650 billion issuance of IMF SDRs coupled with a redistribution mechanism to transfer SDRs to those countries most in need.”

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.