A tsunami of debt has crashed over the world, and billions of people are drowning.
This week, the G20 will meet to decide the direction of global economic recovery. Their power – and their responsibility – point in one direction: drop debt, drive investment, and deliver justice for all peoples of the world.
The pandemic has accelerated inequalities across the planet. Workers have lost $3.7 trillion in income, while billionaires have increased their wealth by $3.9 trillion. Wealthy countries have invested trillions of dollars to inflate their economies. But poor countries have been paralysed by a $2.5 trillion financing gap that has prevented sufficient pandemic response.
As the G20 meet to discuss the global economic recovery, the Debt Justice group calls for a radical break with extraction and austerity and proposes a new system in its place.
- US$3.8 billion, that's how much the UN's International Fund for Agricultural Development (IFAD) will now be able to invest in the world's rural poor..
Date Time
IMF Executive Board Reviews IMF Debt Sustainability Framework for Market Access Countries
Washington, DC: The Executive Board of the International Monetary Fund (IMF) reviewed on January 14, 2021 the IMF Debt sustainability Framework for Market Access Countries (MAC DSA). The review revealed scope to improve the MAC DSA framework’s ability to identify risk of sovereign stress and better align it with the IMF’s lending framework, to be achieved by replacing the current approach with a new methodology.
The MAC DSA plays a key role in the Fund’s core functions of surveillance and lending. In surveillance, the framework helps identify a member’s vulnerability to sovereign stress to steer the member away from such stress. In Fund-supported programs, which often take place after the stress has already developed, the DSA helps determine if sovereign stress can be resolved via a combination of IMF financing and economic reforms, or if measures such as debt restructuring