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 Secretary Yellen and G20 leaders to do all they can support efforts for the most vulnerable countries to recover from COVID-19.
Dear Secretary Yellen and G20 leaders,
The pandemic has hit the world hard, and the only way to recover is by working together. If we don't, millions of lives will be jeopardized. We need a global economic response plan, which leaves no person or country behind, with commitments including:
For any new allocation of Special Drawing Rights (which will boost a country’s financial reserves), to be fairly reallocated with low and middle income countries;
- Any new allocation of Special Drawing Rights (which will boost a country’s financial reserves), to be fairly reallocated with low and middle income countries;
- Agreement to continue to pause debt payments owed to G20 countries to the end of 2021 and beyond;
- 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.