“Hundreds of billions of dollars continue to be directed away from life-saving public health and social service systems, towards debt payments,” reads the letter. “The most difficult period likely lies ahead as more countries are expected to fall into debt default in 2021.” Therefore, “real, more durable solutions are called for to address the debt crisis as well as COVID-19-exacerbated hunger, joblessness, and homelessness.”
G20 governments and financial institutions need to provide the means to alleviate and release countries from their onerous and historic debt burdens as well as establish a comprehensive, fair, transparent, and timely international debt restructuring mechanism to address sovereign insolvency, the letter urges.
To mobilize resources to tackle the pandemic, “there is a need for special taxes on the super-wealthy, equity and hedge funds, as well as on multinational, e-commerce and digital corporations that have profited during the crisis, together with measures to curb tax evasion and avoidance,” the letter reads.
“Your governments have the power and resources to make a positive difference in the lives of many people and communities…we pray that the G20 will step up and make the bold and principled decisions that are needed at this critical juncture.”
Currently chaired by the Kingdom of Saudi Arabia, the 15th G20 Leaders’ Summit is taking place on 21-22 November with the theme, “Realizing Opportunities of the 21st Century for All.”