While the coronavirus rages throughout the U.S., our concern deepens over the devastating global economic and health crisis. World Food, Oxfam, Bread for the World and the many other humanitarian and faith-based organizations understandably cannot raise funds sufficient to counteract this pandemic.
We urge Sen. Susan Collins and her colleagues to support the International Monetary Fund’s issuance of special drawing rights, along with more financial support for U.S. workers and our economy.
In 1969 the IMF created a special reserve asset to be distributed to central banks of countries in emergencies, in proportion to their quotas. Consequently, the richer countries would receive higher amounts of special drawing rights, but all IMF countries would receive some. Special drawing rights are not loans; they do not have to be repaid; they would not use U.S. taxpayer money. Special drawing rights were effectively last used in the 2009 global recession.
We see special drawing rights as a safe vehicle to support impoverished sub-Saharan African, Latin American and Caribbean countries, which experience food insecurity, fractured economies, desperation leading to outmigration and fragile health infrastructure in a pandemic. Their lives matter.
Sister Miriam Therese Callnan
Sister Patricia Pora
director,
Diocese of Portland Hispanic Ministry
Portland
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.