from Jubilee USA
“This aid is so vital for the countries affected by Ebola,” said Eric LeCompte, Executive Director of the religious anti-poverty organization Jubilee USA Network. “Now we have a permanent debt relief vehicle for when the poorest countries face certain crises. Essentially, a global social safety net is now in place to protect the least developed countries when they experience disasters.”
$100 million of debt relief will come through the IMF’s new Catastrophe Containment and Relief Trust. Another $70 million in debt relief will come from other governments who hold debt in the three countries. Concessional loans of $160 million add up to a grand total of $330 million in new financing. The package also includes a new financing mechanism designed to deliver funds to disaster-impacted countries quickly without worsening debt burdens.
“This new fund is an important, permanent tool in the fight against poverty,” noted LeCompte, who serves on United Nations expert groups on debt and global finance. “It means resources for countries that need them most at the time they need them most.”