Esquerra Republicana joins international petition urging World Bank and IMF to cancel debt of poorest countries

US Democrats Senator Bernie Sanders and Congresswoman Ilham Omar lead the petition

Esquerra Republicana has signed an international petition to the World Bank and the International Monetary Fund calling for the cancellation of the debt of the poorest countries. Among the signatories are up to 300 elected members from 24 different countries from all the continents. The letter also addresses several world leaders, such as the President of the United States Donald Trump, German Chancellor Angela Merkel, British Prime Minister Boris Johnson, and the President of the European Commission, Ursula von der Leyen.

The initiative, led by US Democrat lawmakers Senator Bernie Sanders and Congresswoman Ilhan Omar, aims for countries in greatest need to prioritize spending on fighting coronavirus. This would address growing concerns for developing countries and emerging economies, expected to be devastated by the pandemic.

The letter states that containment measures, taken almost everywhere throughout the world, will have a grave impact on the global economy, especially in those countries with weaker health systems, high levels of debt and few resources to handle the economic and health crisis provoked by Covid19.

The World Bank has already covered debt payments for 6 months in the poorest countries, but the petition calls for further efforts by the international community. Indeed, the signatories believe that obligations of payment by the poorest countries should be cancelled, not suspended, as agreed at the G-20 meeting last April.

On behalf of Esquerra Republicana, MEP Diana Riba, all our representatives at Spain’s Congress and Senate, along with members of the Parliament of Catalonia, including our deputy Secretary General Marta Vilalta, the chair of Esquerra’s municipal group at Barcelona City Council Ernest Maragall, and Member of Parliament Ruben Wagensberg.

Petition to the Spanish government

Esquerra Republicana has also presented a Non-Legislative Motion before Spain’s Congress directly urging the Spanish government to cancel the debt of the poorest countries, and to promote financial mechanisms for developing nations.