G7 Focuses on Vaccines and Economic Response to COVID Crisis

international | politics / elections | press release

Friday June 11, 2021 03:25

by Olivia Engling - Jubilee USA Network

The presidents and prime ministers of 7 of the world's wealthiest countries gather in the United Kingdom to meet on the response to the economic and health crises spurred by the coronavirus.

The presidents and prime ministers of 7 of the world's wealthiest countries gather in the United Kingdom to meet on the response to the economic and health crises spurred by the coronavirus. Hosted in the seaside town of Cornwall this weekend, the G7 Summit focuses on global vaccine distribution and tax, debt, aid, trade and climate policies.

“As developing countries struggle with a third wave of the coronavirus, it's clear that the world faces a prolonged economic crisis,” said Eric LeCompte, a United Nations finance expert and leader of the religious development organization Jubilee USA Network. “The only way to beat the dire economic forecasts is to distribute vaccines quickly and provide debt relief and aid to developing countries."

Less than 2% of COVID vaccines reached poor countries. The International Monetary Fund asserts the global economy will lose $9 trillion if vaccines are not distributed by 2022 to developing countries.

On Wednesday, the World Trade Organization began a vaccine patent waiver process that could help developing countries produce and procure more vaccines.

“Unfortunately, G7 leaders still have not come to an agreement on waiving the pharmaceutical patents on vaccines,” remarked LeCompte. "More and more people will die as wealthy countries wait to waive COVID vaccine patents."

As a part of the coronavirus response, the G7 supports a debt relief process for poor countries and agreements to curb corporate and digital tax avoidance.

"The G7 tax deal could help boost revenues that countries need to get through the crisis," shared LeCompte. "While G7 support of debt relief is critical as we confront the pandemic, the G7 should support expanding relief to assist more developing countries in need."

During the summit, the G7 will discuss a $650 billion creation of Special Drawing Rights, a special IMF reserve currency, to respond to the corona economic crisis. Specifically, the G7 will review how these emergency funds can assist developing countries access vaccines, reduce poverty and fight climate change.

“The Special Drawing Rights could be a critical source of funding for the IMF's $50 billion plan to end the pandemic," stated LeCompte.

Read about the WTO vaccine patent waiver process here: https://www.jubileeusa.org/pr_covid_vaccine_waiver

Read Jubilee USA's statement on last week's G7 finance ministers meeting and communiqué here: https://www.jubileeusa.org/g7_finance_ministers_june_2021

Read the Jubilee USA Network press release on last week's G7 finance ministers meeting here: https://www.jubileeusa.org/pr_g7_finance_meeting

Read about the IMF $50 billion plan to end the pandemic here: https://www.jubileeusa.org/imf_50_billion_vaccine_plan_june_21

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Jubilee USA Statement on G7 Summit and Communiqué

by Aldo Caliari - Jubilee USA

Sun Jun 13, 2021 17:39

The G7 Summit concludes in the United Kingdom and leaders release a communiqué on COVID-19 response, vaccines, trade, debt relief, tax reform and climate change.
The G7 Summit concludes in the United Kingdom and leaders release a communiqué on COVID-19 response, vaccines, trade, debt relief, tax reform and climate change.

Eric LeCompte the Executive Director of the religious development organization Jubilee USA Network, releases the following statement on the G7 Summit and communiqué:

“As a third wave of the pandemic hits developing countries, the G7 commits to donating a billion vaccines. This is progress, but falls short of what we need to end the pandemic.

“Waiving pharmaceutical vaccine patents is vital for developing countries to produce and procure coronavirus vaccines. Unfortunately, the G7 failed to support a temporary patent waiver to confront the pandemic.

“We are seeing incredible G7 progress on curbing tax avoidance and corruption.

"If corporations paid their fair share in taxes, countries would have greater resources to combat the economic shocks caused by the coronavirus.

"The G7's support of curbing tax avoidance lays the groundwork for the G20 to move forward an agreement.

“As countries wrestle with debt crises and the pandemic, the G7 supports reducing and relieving debt.

“The G7 must ensure that the private sector participates in debt relief and debt relief is expanded to help all developing countries in need.

"The creation of $650 billion of emergency reserve currency by August, is a priority for the G7 to confront the economic and health crises spurred by the coronavirus.

“The G7 supports the creation and distribution of Special Drawing Rights to get more vaccines to developing countries, fight climate change and reduce poverty.

"Climate change is a growing priority for the G7.

"The G7 promised critical support for developing countries to build more green infrastructure to confront climate change.

"The G7 sees that some of the most important climate change decisions will happen as a part of global financial decisions and pandemic response."

Read the G7 Summit Communiqué here. https://www.whitehouse.gov/briefing-room/statements-releases/2021/06/13/carbis-bay-g7-summit-communique/

Read Jubilee USA's G7 Summit press release. https://www.jubileeusa.org/pr_21_g7_vaccines_and_economic_response%20

Read about the WTO COVID vaccine patent waiver process here. https://www.jubileeusa.org/pr_covid_vaccine_waiver

Wed Jun 16, 2021 15:43

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G7 Focuses on Vaccines and Economic Response to COVID Crisis

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