Jubilee USA: Keeping our Promises to Finance Development
December 20th, 2019
Author: Eric LeCompte, Executive Director, Jubilee USA Network (OMI JPIC Partner)
According to UNCTAD, the Sustainable Development Goals (SDGs) could be achieved with a 5-7 trillion US dollar investment. If we fund the SDGs, the Business and Sustainable Development Commission notes that 12 trillion US dollars of new market opportunities and 380 million new jobs could be created. Yet we know that the developing world is losing a trillion dollars a year, and according to the IMF’s latest report – 15 trillion US dollars is held in tax havens and financial secrecy havens.
UNCTAD notes that debt sustainability in developing countries is “deteriorating fast”, and the IMF states that as of last August, 47 per cent of low-income countries were in debt crisis or facing high debt distress. Human beings are suffering. In too many poor countries, high debts mean people don’t eat, people don’t see doctors and communities are unprepared to deal with the havoc caused by tsunamis, hurricanes, earth quakes and other extreme weather events. Read the full article on Friedrich-Ebert-Stiftung’s website.
Friedrich-Ebert-Stiftung ((FES) is a non-profit German foundation