A Consortium Proposal to the SDR Basket Countries: In Memory of David Graeber (1961-2020)

On 30 March 2020, the United Nations Conference on Trade and Development (UNCTAD) called for a $2.5 trillion COVID-19 crisis package for developing countries.1 The UNCTAD proposals were: (i) $1 trillion to be made available through the expanded use of the International Monetary Fund (IMF) issued Spe...

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Bibliographic Details
Published in:Economic and political weekly 2020-11
Main Author: Ahmet OncU T Sabri Oncu
Format: Article
Language:English
Subjects:
American dollar
Business schools
Central banks
College faculty
College teachers
Coronaviruses
COVID-19
Currencies
Debt cancellation
Debt restructuring
Debt service
Developing countries
Development banks
International economic relations
International finance
LDCs
Low income groups
Net present value
Special drawing rights
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Summary:On 30 March 2020, the United Nations Conference on Trade and Development (UNCTAD) called for a $2.5 trillion COVID-19 crisis package for developing countries.1 The UNCTAD proposals were: (i) $1 trillion to be made available through the expanded use of the International Monetary Fund (IMF) issued Special Drawing Rights (SDRs); (ii) $1 trillion for debt cancellation; (iii) $500 billion to fund a Marshall Plan for health recovery to be dispersed as grants. On 30 March 2020, the United Nations Conference on Trade and Development (UNCTAD) called for a $2.5 trillion COVID-19 crisis package for developing countries.1 The UNCTAD proposals were: (i) $1 trillion to be made available through the expanded use of the International Monetary Fund (IMF) issued Special Drawing Rights (SDRs); (ii) $1 trillion for debt cancellation; (iii) $500 billion to fund a Marshall Plan for health recovery to be dispersed as grants. Headquartered in Washington, DC, the IIF currently has 483 members comprising commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks, multilateral agencies, and development banks from all continents. Based on the criteria set in the G20 April Communiqué that have remained intact, there are currently 73 debtor countries eligible for the DSSI, and only 43 have signed up so far. [...]the DSSI essentially has been between these 43 debtor countries and their Paris Club bilateral official creditors. [...]in their 13 November 2020 special
ISSN:0012-9976