The world is starving for resources, we have them to give
The past two years of overlapping global crises have exacerbated and exposed global inequalities and their considerable impact on people’s lives. Global crises cannot be resolved only by high-income countries with low-income countries left to fend for themselves.
Countries need resources to strengthen their economies and feed their people. And resources are available.
Countries need resources to strengthen their economies and feed their people. And resources are available.
SPECIAL DRAWING RIGHTS
The Worlds Insurance Policy
Special Drawing Rights (SDRs) are a financial resource created and maintained by the International Monetary Fund (IMF). These resources are not loans to governments, do not come with conditions from the IMF, and have no cost to the American taxpayers. Only Congress can authorize the IMF to release at the scale needed. To help avoid global economic strife in the wake of overlapping crises, Congress must act decisively.
A Major Issuance
For Global Issues
Securing a major issuance of SDRs is our top priority in our advocacy. For the global economy to recover from the COVID-19 pandemic, and to prevent massive loss of life and suffering by individuals from the strain on health systems, 2 trillion worth of funds are needed. The IMF has the ability to provide those funds through SDRs if authorized by the US Congress.
The full issuance of SDRs would not only benefit the IMF member countries that receive them but would also accelerate the US’s own economic recovery. Global crises hurt trade partners, and ultimately American companies and workers. Since US exports fall sharply in times of recession, supporting a global recovery will help the US economy.
Additionally, Congress’ approval of SDRs will restore the US’s position as a global leader for humanitarian and economic efforts, without spending US money.
The full issuance of SDRs would not only benefit the IMF member countries that receive them but would also accelerate the US’s own economic recovery. Global crises hurt trade partners, and ultimately American companies and workers. Since US exports fall sharply in times of recession, supporting a global recovery will help the US economy.
Additionally, Congress’ approval of SDRs will restore the US’s position as a global leader for humanitarian and economic efforts, without spending US money.
A Treasury Issuance
For Temporary Relief
The US Treasury has the ability to authorize a release of SDRs, though a limited amount, without the approval of Congress. This was done in August 2021, when $650 billion worth of SDRs were released to IMF member countries.
The issuance was a stop-gap measure to respond to the COVID-19 pandemic and nowhere near the full potential of SDRs. Within weeks, the majority of low-income countries had used their entire allotment of SDRs and are already calling for more.
The issuance was a stop-gap measure to respond to the COVID-19 pandemic and nowhere near the full potential of SDRs. Within weeks, the majority of low-income countries had used their entire allotment of SDRs and are already calling for more.
Our Campaign
Action Corps played a key role in advocating for and securing the August 2021 release of SDRs. This was done by leading a national coalition of organizations calling for a robust international response to COVID-19, and by our organizers meeting with congressional offices and engaging in grass-roots advocacy.
We will continue to lead the national coalition through monthly meetings and coordinating our efforts. Additionally, we will begin discussions with our national and international allies on how IMF policy can be changed to maximize the institution's positive contributions and reduce their harmful effects on low-income countries.
Our grassroots advocates will continue to play a vital role in our campaign through media and organizing opportunities. Across over twenty states and DC, our organizers have propelled this campaign forward through writing letters to the editor, op-eds, targeted social media content, and leading lobby meetings.
We will continue to lead the national coalition through monthly meetings and coordinating our efforts. Additionally, we will begin discussions with our national and international allies on how IMF policy can be changed to maximize the institution's positive contributions and reduce their harmful effects on low-income countries.
Our grassroots advocates will continue to play a vital role in our campaign through media and organizing opportunities. Across over twenty states and DC, our organizers have propelled this campaign forward through writing letters to the editor, op-eds, targeted social media content, and leading lobby meetings.
National Call to Action for Global Crisis Response
August 18th, 2022
Featured Speakers: Andrés Arauz, CEPR. Ntama Bahati, AFJN. Isaac Evans-Frantz, Action Corps.
The eve of World Humanitarian Day 2022, people from across the US came together to call on President Biden to issue SDRs.
COVID, climate disruption, rising food and energy prices, and war have created a “megacrisis.” At home we feel the pain of rising temperatures, gas and grocery prices. Low income countries have it even worse with millions more people pushed into hunger and poverty.
It doesn’t have to be this way. With the stroke of a pen President Biden can trigger a simple, rapid, and cost-free solution: a new issuance of at least $650 billion in Special Drawing Rights (SDRs) at the International Monetary Fund (IMF). This little-known option gives immediate help to recover from shock and meet human needs. No strings attached, no added debt burden, and zero costs to taxpayers.
We know we can do it. in 2021 our coalition of health, faith, farm, labor, and humanitarian groups won the historic release of SDRs to help countries fight the COVID-19 pandemic. Since then over 90 countries have used their allocation of SDRs to stabilize and meet human needs. So we know it works. And that’s why world leaders are calling for this second allocation, leaders like Senator Elizabeth Warren, Prime Minister of Barbados Mia Mottley, and President Volodymyr Zelensky of Ukraine.
By working together we can be the solution the world is waiting for.
We can help countries meet their public health needs and fight rising hunger and poverty. At home we can help sustain US exports and create US jobs because what’s good for the world is good for America.
COVID, climate disruption, rising food and energy prices, and war have created a “megacrisis.” At home we feel the pain of rising temperatures, gas and grocery prices. Low income countries have it even worse with millions more people pushed into hunger and poverty.
It doesn’t have to be this way. With the stroke of a pen President Biden can trigger a simple, rapid, and cost-free solution: a new issuance of at least $650 billion in Special Drawing Rights (SDRs) at the International Monetary Fund (IMF). This little-known option gives immediate help to recover from shock and meet human needs. No strings attached, no added debt burden, and zero costs to taxpayers.
We know we can do it. in 2021 our coalition of health, faith, farm, labor, and humanitarian groups won the historic release of SDRs to help countries fight the COVID-19 pandemic. Since then over 90 countries have used their allocation of SDRs to stabilize and meet human needs. So we know it works. And that’s why world leaders are calling for this second allocation, leaders like Senator Elizabeth Warren, Prime Minister of Barbados Mia Mottley, and President Volodymyr Zelensky of Ukraine.
By working together we can be the solution the world is waiting for.
We can help countries meet their public health needs and fight rising hunger and poverty. At home we can help sustain US exports and create US jobs because what’s good for the world is good for America.
