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<strong>The US and India have failed the developing world -CP Chandrasekhar & Jayati Ghosh</strong></h1>
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<p style="text-align:justify">-The Hindu Business Line</p><p style="text-align:justify"><em>By blocking a proposal for the IMF to issue new Special Drawing Rights, the two have denied developing countries much-needed liquidity at a time of extreme economic distress</em></p><p style="text-align:justify">At the recent G20 and IMF-WB Spring meetings held virtually in the third week of April 2020, a proposal for the IMF to issue an additional 500 billion of Special Drawing Rights (SDRs) was blocked by the US and — astonishingly — India. In the wake of the Covid-19 pandemic and the unprecedented collapse of global economic activity, there had been many calls for the IMF to issue at least one trillion SDRs.</p><p style="text-align:justify">This would be particularly important for all developing countries, since they are currently facing the brunt of the collapse in world trade and tourism as well as sharp reversals in capital flows, which have caused their currencies to depreciate and led to serious problems in servicing their external debts.</p><p style="text-align:justify">Please <a href="https://www.thehindubusinessline.com/opinion/columns/c-p-chandrasekhar/the-us-and-india-have-failed-the-developing-world/article31390227.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/columns/c-p-chandrasekhar/the-us-and-india-have-failed-the-developing-world/article31390227.ece?homepage=true">click here</a> to read more.</p> </font>
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<strong>The US and India have failed the developing world -CP Chandrasekhar & Jayati Ghosh</strong></h1>
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<p style="text-align:justify">-The Hindu Business Line</p><p style="text-align:justify"><em>By blocking a proposal for the IMF to issue new Special Drawing Rights, the two have denied developing countries much-needed liquidity at a time of extreme economic distress</em></p><p style="text-align:justify">At the recent G20 and IMF-WB Spring meetings held virtually in the third week of April 2020, a proposal for the IMF to issue an additional 500 billion of Special Drawing Rights (SDRs) was blocked by the US and — astonishingly — India. In the wake of the Covid-19 pandemic and the unprecedented collapse of global economic activity, there had been many calls for the IMF to issue at least one trillion SDRs.</p><p style="text-align:justify">This would be particularly important for all developing countries, since they are currently facing the brunt of the collapse in world trade and tourism as well as sharp reversals in capital flows, which have caused their currencies to depreciate and led to serious problems in servicing their external debts.</p><p style="text-align:justify">Please <a href="https://www.thehindubusinessline.com/opinion/columns/c-p-chandrasekhar/the-us-and-india-have-failed-the-developing-world/article31390227.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/columns/c-p-chandrasekhar/the-us-and-india-have-failed-the-developing-world/article31390227.ece?homepage=true">click here</a> to read more.</p> </font>
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<p style="text-align:justify">At the recent G20 and IMF-WB Spring meetings held virtually in the third week of April 2020, a proposal for the IMF to issue an additional 500 billion of Special Drawing Rights (SDRs) was blocked by the US and &mdash; astonishingly &mdash; India. In the wake of the Covid-19 pandemic and the unprecedented collapse of global economic activity, there had been many calls for the IMF to issue at least one trillion SDRs.</p>
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<p style="text-align:justify">-The Hindu Business Line</p><p style="text-align:justify"><em>By blocking a proposal for the IMF to issue new Special Drawing Rights, the two have denied developing countries much-needed liquidity at a time of extreme economic distress</em></p><p style="text-align:justify">At the recent G20 and IMF-WB Spring meetings held virtually in the third week of April 2020, a proposal for the IMF to issue an additional 500 billion of Special Drawing Rights (SDRs) was blocked by the US and — astonishingly — India. In the wake of the Covid-19 pandemic and the unprecedented collapse of global economic activity, there had been many calls for the IMF to issue at least one trillion SDRs.</p><p style="text-align:justify">This would be particularly important for all developing countries, since they are currently facing the brunt of the collapse in world trade and tourism as well as sharp reversals in capital flows, which have caused their currencies to depreciate and led to serious problems in servicing their external debts.</p><p style="text-align:justify">Please <a href="https://www.thehindubusinessline.com/opinion/columns/c-p-chandrasekhar/the-us-and-india-have-failed-the-developing-world/article31390227.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/columns/c-p-chandrasekhar/the-us-and-india-have-failed-the-developing-world/article31390227.ece?homepage=true">click here</a> to read more.</p> </font>
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latest-news-updates/the-united-states-and-india-have-failed-the-developing-world-special-drawing-rights.html"/>
LATEST NEWS UPDATES | The US and India have failed the developing world -CP Chandrasekhar & Jayati Ghosh | Im4change.org
The US and India have failed the developing world -CP Chandrasekhar & Jayati Ghosh
-The Hindu Business Line
By blocking a proposal for the IMF to issue new Special Drawing Rights, the two have denied developing countries much-needed liquidity at a time of extreme economic distress
At the recent G20 and IMF-WB Spring meetings held virtually in the third week of April 2020, a proposal for the IMF to issue an additional 500 billion of Special Drawing Rights (SDRs) was blocked by the US and — astonishingly — India. In the wake of the Covid-19 pandemic and the unprecedented collapse of global economic activity, there had been many calls for the IMF to issue at least one trillion SDRs.
This would be particularly important for all developing countries, since they are currently facing the brunt of the collapse in world trade and tourism as well as sharp reversals in capital flows, which have caused their currencies to depreciate and led to serious problems in servicing their external debts.
