ONE Reacts to Recommendations from IMF Committee

WASHINGTON, D.C. – In response to the communiqué released by the IMF Committee today, Oliver Buston, European Director of ONE, said:

“Finance ministers have not yet delivered a breakthrough on the use of profits from IMF gold sales for the poorest countries.  They did reaffirm the G20 decision to double lending for low-income countries and instructed the fund to explore ways of making those loans more concessional. The door has been left open for a better deal for the poorest countries from the IMF, but urgent action is needed in the coming days.”

“A global economic recovery cannot exclude 1 billion of the poorest people in the world. The IMF should immediately set to work developing an ambitious proposal which delivers increased resources without risking a new debt crisis.  Funding must not come with excessive economic conditions attached.  The only conditions should be transparency and accountability to citizens on the ground.”