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From the article: "Estudiosos y expertos del Comité Latinoamericano de Asuntos Financieros (CLAAF por sus siglas en inglés) dieron a conocer este miércoles sus conclusiones sobre las medidas que deberían adoptar los países de la región sudamericana para hacer frente a la grave crisis económica derivada por la pandemia del coronavirus. La pandemia ha causado grave estragos en todos los sectores financieros. Analistas de organizaciones como el Fondo Monetario Internacional (FMI) o el Banco Mundial (BM) han puesto sus miradas hacia América Latina al considerar que esa región tardará mucho más tiempo en recuperarse que otras zonas geográficas del planeta... Liliana Rojas-Suárez, la directora de la Iniciativa Latinoamericana en el Centro para el Desarrollo Global (CGDEV por sus siglas en inglés) señaló que el coronavirus está teniendo un evidente impacto en 'el comercio, en el precio de los bienes, en el turismo y en las remesas.'"

From the letter: "Dear Allies, This rather technical letter has been put together by Jamie Drummond and some eminent economists and just sent to the world’s leading finance ministers. It outlines what should be agreed by the Group of 20 Finance Ministers and Central Bank Governors - the world’s money men and women - when they meet virtually this weekend. They will be discussing the crucial matter of financing humanity’s fight against COVID-19 and its huge negative impacts on our shared Global Goals of equality and sustainability. It is crazy how much money many of the most vulnerable nations and citizens are still spending repaying debts, cash which they should be able to put into health, education and humanitarian needs. It is incredible that we could accelerate our collective global exit from COVID-19 potentially by years, saving millions of lives and trillions of dollars, for the price of just two days of this pandemics impact. And yet our money managers – for that’s what these finances ministers are - have not yet invested that money in our collective future safety, when they are literally sitting on the money. The International Monetary Fund (IMF) and World Bank already have the financial firepower to deal with a lot of these life and death issues. Our finance ministers are the major shareholders in these institutions, and we need to ask them to instruct the IMF and World Bank to use that power. They just need some moral imagination and motivation. That’s where you come in. There is a way forward. But will Rishi Sunak of the UK or Bruno Le Maire of France or Tito Mboweni of South Africa or Steve Mnuchin of the USA or others around the digital table be able to show the leadership needed on debt, vaccines or investing in educational transformation for the next generation? We need a new financing deal to invest in beating COVID-19, future pandemic prevention, the existentially essential energy transition and the economically essential education sector’s recovery – so that all citizens have access to the tools they need to lead lives of dignity, opportunity and resilience to future risks. Two places you can take action are at ONE.org on debt and 350.org for a wider healthy, just and green recovery..."

Contact: Eva Grant Center for Global Development egrant@cgdev.org +1.202.416.4027 Refugee-hosting countries will experience less growth in 2020 due to the pandemic WASHINGTON, DC - Refugees are more likely to work in sectors financially impacted by the COVID-19 pandemic, and refugee-hosting countries are projected to experience slower growth in 2020, new analysis released by the Center for Global Development, Refugees International, and the International Rescue Committee finds.  In this analysis, authors calculated and compiled estimates from eight large refugee-hosting countries with available representative data: Colombia, Ethiopia, Iraq, Jordan, Lebanon, Peru, Turkey, and Uganda. The data analyzed are largely from 2015-2019, where researchers could extract comparable statistics across countries. This paper represents the largest quantitative cross-country comparison of refugees: 10.64 million, or 37 percent of all refugees worldwide. The researchers found that the main hosting countries will fare worse economically post-2020, compared with other developing nations and world averages. Specific findings include: 60 percent of employed refugees work in highly-impacted sectors, relative to 37 percent of host populations. Refugees are therefore 60 percent more likely than host populations to work in sectors of the economy impacted most by COVID-19. Only 7 percent of refugees work in the least impacted sectors, like education and public administration, compared to 19 percent of hosts. Refugee women are at a particular disadvantage; in the Latin America and sub-Saharan Africa regions where refugee women are most likely to work, they are over-represented in highly impacted sectors.  The 15 low- and middle-income countries with the largest refugee populations were growing slower than other low- and middle- income countries before the pandemic and are projected by the IMF to experience almost equal declines in 2020.  “Refugees tend to be disproportionately affected by this crisis, because so few work in the less-affected sectors like education, public administration, health, and agriculture,” Helen Dempster, CGD’s Assistant Director and Senior Associate for Policy Outreach for Migration, Displacement, and Humanitarian Policy, says. “Both legal and practical barriers often prevent refugees from getting the land or citizenship required of more recession-proof work.”  “Expanding economic inclusion for refugees is necessary to reduce the negative impacts of this and future pandemics,” Refugees International’s Labor Market Access Program Assistant Martha Guerrero Ble said. “Labor market access in hosting countries can reduce the spread of the pandemic, provide more ‘essential workers,’ and stimulate the economic recovery for the benefit of the population as a whole.”  “Within host countries, refugees face barriers to entering the formal workforce and are often excluded from social safety nets and other work-related benefits,” said Barri Shorey, senior director of economic recovery and development, International Rescue Committee. “Now as COVID-19 wreaks havoc across economies, the cracks are further showing. The most vulnerable are disproportionately impacted and those refugees who have been able to make progress, have been sent back to worry about meeting their most basic needs. Building back from COVID-19 must work for everyone. In doing so, refugees can regain their livelihoods and host countries can benefit from newfound economic growth”.  The paper is available here, along with appendix data: https://www.cgdev.org/publication/locked-down-and-left-behind-impact-covid-19-refugees-economic-inclusion. ### About CGD: The Center for Global Development is an independent, nonpartisan, nonprofit organization that works to reduce global poverty and improve lives through innovative economic research that drives better policy and practice by the world's top decision makers. https://www.cgdev.org/page/about-cgd About Refugees International: Refugees international advocates for lifesaving assistance and protection for displaced people and promotes solutions to displacement crises. We do not accept any government or UN funding, ensuring the independence and credibility of our work. Learn more at www.refugeesinternational.org and follow us on Twitter, Facebook, and Instagram. About IRC: The International Rescue Committee responds to the world’s worst humanitarian crises, helping to restore health, safety, education, economic wellbeing, and power to people devastated by conflict and disaster. Founded in 1933 at the call of Albert Einstein, the IRC is at work in over 40 countries and over 20 U.S. cities helping people to survive, reclaim control of their future, and strengthen their communities. Learn more at www.rescue.org and follow the IRC on Twitter & Facebook.