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African Ministers of Finance of Democratic Republic of Congo, Ghana, Ivory Coast and Nigeria call for action at Venice G20 meeting

The G20 Finance Ministers meeting in Venice is a vital opportunity to build on the work of the G7 but also urgently address some of the shortfalls in what was agreed in Cornwall a month ago. As with the G7, the G20 must focus on “vaccinating the world” - to counter a potentially endless flow of new variants destroying lives and livelihoods over the next few years, and “greening the world” - to deliver a new generation of good clean jobs which can counter two trends at the same time climate change and youth unemployment. We welcome the G20 themes of People, Planet Prosperity – and looking ahead to the G20 summit, we call on PM Mario Draghi, Finance Minister Daniele Franco and the other G20 leaders and finance ministers to: firstly, make the IMF’s promised new issue of Special Drawing Rights available as soon as possible and define a clear path forward for their maximal re-allocation and on-lending. Secondly develop a wider green clean recoveries investment partnership pac

African Finance Chiefs Urge G-20 to Speed Up Access to

The plan still requires final approval by the Washington-based lender’s board of governors, which is comprised of representatives from its 190 member countries typically their finance ministers or central bank governors. “The urgency now is to accelerate the disbursement of these SDRs to forestall the current emerging market liquidity crisis devolving into an insolvency crisis,” the African finance chiefs said, calling on the IMF to outline how the rights will be dispensed and set reallocation and on-lending terms. They also want the lender to replenish its Poverty Reduction and Growth Trust, which provides support to low-income countries through interest-free loans, and other funding facilities.

African finance chiefs urge G-20 to speed up access to IMF funds

African finance chiefs urge G-20 to speed up access to IMF funds
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