Elections/Legislation/Government

G7 finance ministers agreed to create emergency reserve funds for developing countries wrestling with coronavirus economic impacts. The funds are likened to a type of currency the International Monetary Fund creates, called Special Drawing Rights (SDRs).

Treasury Secretary Janet Yellen, Jubilee USA Network and some of the highest-ranking religious leaders met on global COVID response on Tuesday. The high-level roundtable discussion focused on emergency SDR reserve funds, debt policies, aid, climate change, Puerto Rico relief and bankruptcy, transparency and tax proposals to prevent future crises.

Congress passed a $1.9 trillion stimulus package that includes Puerto Rico anti-poverty measures and $900 million of increased food aid through the Nutrition Assistance Program. The US territory suffers from a nearly 60% child poverty rate and the coronavirus rescue package funds Puerto Rico's child tax credit benefiting 355,000 low-income families.

“Devastated by the pandemic, debt crisis, high child poverty rates and natural disasters, Puerto Rico needs the stimulus package aid,” said Eric LeCompte, the Executive Director of religious development group Jubilee USA Network.

G20 finance ministers met Friday to discuss global coronavirus response. The group endorsed continuing stimulus plans in wealthy countries and supporting plans to increase aid and vaccine access for developing countries.