are battling a financial crisis as well as a public-health emergency. Since late January foreign investors, desperate to shed risk, have been withdrawing their cash from poor countries. At the same time falling global trade, depressed commodities prices and vanishing tourists have put export revenues, and hence the supply of foreign currency, into free fall.
Some of that help is coming from America’s Federal Reserve. It is running “swap lines” with a select few central banks, which have so far borrowed about $400bn while posting their own currencies as collateral. The Fed is also allowing most central banks to temporarily exchange any Treasuries that they hold for dollars. But among emerging-market central banks only Brazil, Mexico, Singapore and South Korea are included in the swap lines, and few poor countries have a ready supply of Treasuries.
These funds must be secured. America, to its credit, has already approved its share, but the biggest, richest members need to provide still more. TheFirst, it ought to create new special drawing rights , a currency of sorts which is convertible into dollars but whose quantity the fund controls .
Defaults may be forgiven, as a favor of riches for poors.
My point is either the WorldBank IMFLive IMFSpokesperson are aware and choose to look away (aiding & abetting) or you are deliberately impoverishment poor countries.
What sanctions do you have for corrupt regimes like NGRPresident where borrowed funds, Grant's donations govt Revenue all disappear into private pockets?IMFNews WorldBank N700b COVID-19 Funds missing?
The Economist's title of the new article is that 'Poor countries cannot pay their entire population to stay at home. So how can they curb covid19 ? difficult question but easy answer ; 'Economic rights must be considered as human rights around the world'
They should cut emerging markets debt. Interest payments would be used to fight the virus if politicians don't steal the cash
IMF = “FINANCIAL suport “ like italian Mafia
My Pocket™
No!
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