UN, Presidents and Prime Ministers Discuss Coronavirus Financial Crisis Solutions

international | economics and finance | press release Tuesday September 29, 2020 19:59 by Zach Conti - Jubilee USA

Presidents, prime ministers and world leaders focused on solutions for the global economic crisis spurred by the coronavirus at a virtual United Nations meeting.

Presidents, prime ministers and world leaders focused on solutions for the global economic crisis spurred by the coronavirus at a virtual United Nations meeting. "Financing the 2030 Agenda for Sustainable Development in the Era of COVID-19 and Beyond," is the largest heads of state meeting organized to confront the financial crisis created by the pandemic. 

"Six months into the pandemic and hundreds of millions of people are experiencing hunger, losing their jobs and being thrown into the ranks of poverty," said Eric LeCompte, Executive Director of the religious development group Jubilee USA. LeCompte was part of the multi-month process that developed the options considered by world leaders at the special UN meeting. "Poor and vulnerable people bear the brunt of this economic crisis."

The UN estimates 265 million people now face famine and 100 million people will enter extreme poverty due to the pandemic. Since the beginning of the coronavirus crisis, 500 million jobs were lost according to the International Labor Organization.

Developing countries spent less than 3% of the $11 trillion spent on COVID stimulus packages and economic aid. Nearly 90% of these stimulus monies were spent in wealthy countries.

"World leaders are considering options to bolster crisis response aid for developing countries," stated LeCompte. "Debt relief, curbing tax evasion and accessing global reserve funds are some of the options on the table."

The heads of state meeting was convened by United Nations Secretary-General António Guterres, the Prime Minister of Canada, Justin Trudeau and Andrew Holmes, the Prime Minister of Jamaica.

In October the G20, IMF and World Bank could implement some of the solutions discussed at the UN meeting.

Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org