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As part of an ongoing effort to persuade the leaders of the G-20 countries to better address the needs of poor countries in their Summit, CGD president Nancy Birdsall visited Pittsburgh yesterday with a small band of CGDers in tow, myself included.
This is a joint posting with Kimberly Elliott and also appeared on the Huffington Post.
With one important reservation, we welcome last week’s EU proposal that the upcoming Pittsburgh G-20 Summit “should adopt the “Everything But Arms” (EBA) initiative without delay to support people in developing countries suffering from the crisis.” The EBA nominally provides 100 percent duty-free, quota-free market access for exports from least-developed countries, so suggesting that the rest of the G-20 replicate it is clearly in line with a Sept. 2 letter sent by members of the CGD Global Trade Preference Reform Working Group. The letter called upon:
This blog entry also appeared on the Huffington Post.
Leaders of the world’s richest nations have repeatedly pledged to offer the world’s poorest countries duty-free, quota-free (DFQF) access to their markets. Such access is one of the most powerful tools that high-income countries have to help poor countries to help themselves. The upcoming G-20 summit in Pittsburgh is an opportunity for the world’s leaders to finally deliver on this promise.
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.
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.
If the commitments made last week by the heads of state at the G-20 meeting materialize quickly, this is good news indeed. The increase in available IMF and MDB resources for middle- and low-income countries, along with IMF’s announcement of a Flexible Credit Line which will allow countries to borrow amounts without pre-determined limits or conditionality, are crucial for helping these countries cope with the impact of the financial crisis.