Jubilee USA Network wants responsible lending, borrowing

FE Online Desk | Published: April 22, 2018 12:58:04 | Updated: April 24, 2018 16:06:36

The International Monetary Fund logo is seen inside its headquarters at the end of the IMF/World Bank annual meetings in Washington, US, October 9, 2016. Reuters/Files

The International Monetary Fund (IMF) is not doing enough beyond preventing the next global economic crisis from taking place and reducing inequality, says the Jubilee USA Network in a statement.

It said, “We still have not done enough about improving debt restructuring and enacting measures for responsible lending and borrowing.

“Beyond preventing the next crisis, the IMF is warning that we could have a recipe for greater inequality that further divides the rich and the poor.”

The religious development group came up with this statement against the backdrop of the IMF’s communiqué of the spring meetings.

It added the IMF was saying that now was the time for countries to get their houses in order to prevent and prepare for future financial crises and warning that rising debt levels are a growing risk around the world.

The Jubilee USA Network statement was written by its executive director Eric LeCompte, who had monitored IMF meetings for the last 10 years.

This week, in its communiqué, the IMF clearly raised its serious concerns that the global economy was in for a bumpy ride ahead.


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