25 February 2021
The virtual meeting of the G20 Finance Ministers at the weekend (26-28 February 2021) is a once in a decade opportunity to issue new finance to support countries whose economies and healthcare systems have been decimated by Covid. Money that can be used to support vaccine roll-out, showing the solidarity and multilateral effort that is needed in times of crisis.
UK aid agency CAFOD is calling on the G20 leaders to agree to a new Special Drawing Rights by the IMF – money that has been used for global crises in the past and is desperately needed now for Covid response and recovery.
Director of CAFOD, Christine Allen said:
“In the midst of the global pandemic, we call on the G20 Finance Ministers this weekend to stand in solidarity with our brothers and sisters around the world, and take urgent action to support them to respond to and recover from Covid-19. At the top of the Ministers’ to do list should be agreeing a new issuance of Special Drawing Rights (SDRs) by the International Monetary Fund (IMF), new money that can be made available in times of global crisis such as this and which was used to support vulnerable economies after the last financial crash in 2008/9. Such money will be vital, enabling poorer countries to finance healthcare, support vaccine roll out and provide social safety nets that will serve the most vulnerable people, and in the long run will enable all countries to support a green recovery that protects our common home.”
Notes to Editors
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