‘It is time to cancel debt for Latin America,’ says CELAG

Buenos Aires, April 1 (Prensa Latina) The Latin American Geopolitical Strategic Center (CELAG) is leading a campaign today, to which prominent political figures have joined, in which there is an urgent need to cancel Latin America’s foreign debt.

The initiative, signed by former presidents Rafael Correa (Ecuador), Ernesto Samper (Colombia), Dilma Rousseff (Brazil), among others, consideres urgent the need to write off the Latin America´s debt as an indispensable measure to face the health emergency and subsequent economic plight caused by the Covid-19 pandemic.

‘Now the world has assumed a more humane and cooperative tone economically in the face of the Covid-19 pandemic, CELAG requests the cancellation of sovereign external debt of Latin American countries by the International Monetary Fund (IMF) and others multilateral organizations,’ according to the text.

Likewise, international private creditors are urged to accept an immediate debt restructuring process to contemplate an absolute 2-year default with no interest.

CELAG stressed that the United Nations Conference on Trade and Development forecats a US$2 trillion global revenue loss, as a result of this crisis, The International Labor Organization, for its part, estimates that 25 million jobs worldwide are at risk.

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