Headline, July 03 2021/ ''' '' DEBT FORGIVENESS DEAR '' '''


DEAR '' '''

ALL DEBTS TO THE VERY POOR AND DEVELOPING COUNTRIES - must be put under a a forgiveness program, under a moratorium, relieved, totally restructured, and totally written off. Or the future generation of students have just no future in the developing world.

TO THE HEROIC GLOBAL FOUNDER FRAMERS ON THE WORLD STUDENTS SOCIETY -DEBT IS RIGHT at the center of most grave concerns concerns. about low-income countries, given that many entered the pandemic already under very, very severe burdens.

IN 2019, 25 countries - most of them in Africa and South Asia - were spending more on debt payments to major financial institutions in wealthy nations than on education, health care and support programs for impoverished communities, according to a UNICEF study.

TWO EXAMPLES FOR NOW : Zambia's external debt payments have surged to nearly 34 percent of its total government revenues this year, from less that 2 percent in 2011, according to the tabulated by the Jubilee Debt Campaign, an international advocacy group that argues for debt forgiveness 

PAKISTAN'S external debt payments have soared to 35 percent from less than 10 percent over the same period. And worse scenarios are in the making.

IN A GLOBAL ECONOMY DEFINED BY EXTREME forms of inequality , the pandemic has widened the divide. The richest nations in North America and Europe are poised to robust recoveries, having used their wealth to rescue their economies and secure vast stocks of Covid-19 vaccines.

POOR COUNTRIES are confronting the continuing ravagers of the coronavirus largely unprotected and and with their resources strained by ever growing debts.

NOW, FEARS that the world may emerge from the pandemic more unequal than ever have prompted a substantial effort to close the gap : Under a proposal nearing completion. the International Monetary Fund would issue $650 worth of reserve funds, essentially creating money that troubled countries could use to purchase vaccines, finance health care and pay down debt.

Absent a mechanism for wealthy countries to redirect some of their holdings, 58 high-income nations would receive $438 billion worth of the new reserves - more than two-thirds of the total - according to the analysis released by the U.N. Development Program.

By contrast, a group of 42 countries assessed as ''highly debt-vulnerable'' - among them two dozen of the poorest countries on earth - would receive only $54.5 billion, or about 8 percent of the total. That amounts to only 5 percent of their total external debt.

Fund officials are developing a plan through which wealthier member countries would transfer some of their reserves to poorer countries to allow an expansion of debt reduction and poverty-fighting programs.

'' We are working towards magnifying the impact of the new allocations,'' the I.M.F.'s ,managing director, Kristalina Georgieva, said in a speech to the African Development Bank

She said the fund's plan would rely on ''encouraging voluntary channeling of some of the S.D.R.s,'' with a goal of yielding ''$100 billion for the poorest and most vulnerable countries.''

The United States is prepared to make available about one-fifth of its allocation, worth about $20 billion, said a Treasury official who spoke on the conditions of anonymity.. The Biden administration is seeking to persuade other members of the Group of 7 to contribute similar shares.

POOR COUNTRIES that take loans from the fund could use the money to expand health care systems or address climate change, or give the students a future in conjunction with existing I.M.F. programs.

As governments in wealthy nations have wielded their finances and manufacturing capacity to capture the vast majority of Covid vaccine stocks, they have also promised to support Covax, a multilateral partnership headed by the World Health Organization designed to distribute doses equitably.

But Covax has struggled to secure supply and has shipped only 88 million doses, according to data compiled by UNICEF.

Overall, the initiative has delivered debt relief of about $5 billion. according to the World Bank. By contrast, developing countries collectively face debt payments of about $330 billion over the next five years alone, according to a recent study by the European Network on Debt and Development.

For poor countries, the most immediate need is for Covid vaccines. Though nearly one in four people globally has received at least one dose, the figure in low-income countries is fewer than 1 percent, according to the Our World in Data project at the University of Oxford.

Many of the vaccines reaching the developing world have been produced by Chinese manufacturers whose products have yielded somewhat concerning results.

Everything, - every action is leaving a jarring divide - children as young as 12 gaining vaccines in the world's richest country, the United States, while most humanity goes without, including even some medical workers in poor countries.

An infusion of reserves from the I.M.F. would not alter the marketplace incentives that have tilted vaccines toward the world's wealthiest people, but it could bolster the purchasing power of poorer governments.

'' How many more waves do we need before we realize that there is no end to this pandemic, before we get the world to vaccinate itself?'' said Mr. Steiner, the U.N. Development Program administrator. '' We are in the midst of this nightmare right now, and we actually can act faster.''

The Honor and Serving of the Latest Global Operational Research on The State-Of-The-World and Future, continues. The World Students Society thanks authors Peter S. Goodman and Alan Rappeport.

With respectful dedication to the Students, Professors and Teachers of the world. See Ya all prepare and register for Great Global Elections on The World Students Society - for every subject in the world : wssciw.blogspot.com and Twitter - !E-WOW! - The Ecosystem 2011 :

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless


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