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In 2002, John Williamson and I proposed that the gold at the IMF be used to deal with global public good (bad) of unsustainable debt of poor countries – and in particular to allow the IMF to finance suspension of debt service to the IMF and the multilateral development banks following an external shock.
The U.S. House and Senate passed the $105.9 billion war supplemental last week, which includes $5 billion to secure $108 billion in additional lending by the International Monetary Fund (IMF). Congress’s approval for increased IMF lending supports President Obama’s G20 commitments and paves the way to unlock the $1 trillion (mostly contributions from other high-income countries) for emerging and developing countries coping with the economic crisis.
In testimony before the House Foreign Affairs Subcommittee on Terrorism, Nonproliferation and Trade last week, CGD president Nancy Birdsall argued that support for the G-20 commitments to increase lending resources at the IMF is a critical part of ensuring U.S. recovery from the economic crisis and global prosperity and security. She was, however, confronted with a host of concerns about whether multilateral lending would go to governments like Iran, Sudan, and Syria, and with one member of Congress’s view that he “is a citizen of the United States, not the world.”
The U.S. should do more to support the International Monetary Fund and its efforts to stabilize the global economy, CGD president Nancy Birdsall and three other witnesses told the House Financial Services Subcommittee on International Monetary Policy and Trade last week.
Our colleague Arvind Subramanian argues in a Peterson Institute blog post that the biggest achievement of the London Summit may have been just the agreement that the G-20 would meet again. Here’s why I find the Summit cup half-full not as he suggests half-empty.
Leaders from more than 20 major nations announced Thursday (see the Communiqué) that they would make available an additional $1 trillion through the International Monetary Fund and other institutions to help developing countries cope with the global economic crisis.
The outcome of today’s G20 summit has become even more critical for developing countries as the World Bank revised the 2009 forecast for GDP growth in the developing world to 2.1 percent down from 5.8 percent in 2008. But a draft copy of the G20 communiqué published by the Financial Times could go farther in its commitment to help the world’s most vulnerable countries.