Big news on our global coronavirus response efforts.

Treasury notified Congress of its support for $650 billion in IMF global reserves, also known as Special Drawing Rights (SDRs), to assist developing countries struggling with the coronavirus crisis.
US law requires a ninety-day advance alert to Congress before the US votes for SDRs with the IMF board.

The notification paves the way for the US to vote in favor of these funds that developing countries need.
As early as summer, hundreds of billions of these emergency reserve funds can now be authorized for countries struggling with the pandemic.
In February, @JubileeUSA and the US Catholic Bishops sent a letter to Secretary Yellen and President Biden expressing support for a new SDRs allocation. Jubilee USA Network also coordinated a letter to the G20 signed by more than 215 organizations worldwide in support of SDRs.
The G20 and IMF announced support for the $650 billion SDRs allocation.

Treasury says low-income countries will see $21 billion from a new allocation and other developing countries receive $221 billion.

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More from @Eric_LeCompte

19 Mar
Breaking:

G7 finance ministers agreed to create emergency reserve funds for developing countries wrestling with coronavirus economic impacts. The funds are likened to a type of currency the International Monetary Fund creates, called Special Drawing Rights (SDRs).
This is the strongest public statement to date from G7 countries on the need for SDRs to confront the COVID economic crisis that is ravaging developing countries.
We are waiting on the IMF to formally assess the needs of poor countries to decide on the size of a SDR issuance. There is no doubt that developing countries have needs north of a trillion dollars.
Read 6 tweets
17 Mar
Treasury Secretary Janet Yellen, @JubileeUSA and some of the highest-ranking religious leaders met on global COVID response on Tuesday.
The high-level roundtable discussion focused on emergency SDR reserve funds, debt policies, aid, climate change, Puerto Rico relief and bankruptcy, transparency and tax proposals to prevent future crises.
The meeting with Secretary Yellen and leaders from the largest faith traditions was historic. Since the beginning of the pandemic, religious institutions have called for responses to the COVID crisis that protect the vulnerable and address inequality.
Read 10 tweets

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