Tell the G20 to help protect the most vulnerable economies
COVID-19 has hit the world hard. But whilst rich countries have spent over $14 trillion to protect their economies, vulnerable countries have been left behind.
African countries are facing additional financing needs of $285 billion through 2025 just to respond to the pandemic. They need nearly twice as much to fund essential services and to get back on their previous growth path. This is just a tiny percentage of what rich countries have spent to protect themselves from the pandemic in the past year.
Add your name to ONE’s letter asking Tito Mboweni, South Africa’s Finance Minister and the rest of the G20 to do all they can support efforts for the most vulnerable countries to recover from COVID-19.
Dear Tito Mboweni and all other G20 leaders,
The pandemic has hit the world hard, and the only way to recover is by working together. If it doesn’t then millions of lives will be put in jeopardy. We need a global economic response plan, which leaves no person or country behind, with commitments including:
- A new allocation of $650 billion in Special Drawing Rights (which will boost a country’s financial reserves), with wealthy countries recycling most - if not all - of their SDRs to help low and middle income countries respond and recover from the pandemic;
- A fair and effective plan for providing greater debt relief to countries most in need (as part of the Common Framework) with full participation from all creditors;
- Greater transparency of debts owed to governments by all creditors, including their terms, through the creation of a public registry.