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G20 Pledges to Support the Global Economy

G20 Initiatives to Support the Global EconomyThe G20 is a group of 20 leading nations (19 countries and the European Union) that gather for high-level discussions on macro-financial, socio-economic and development issues on a global scale. Together, they comprise almost 90% of global GDP and 80% of global trade. This year, the G20 summit will be held from November 21-22, in Riyadh, Saudi Arabia.

Supporting the Global Economy Amid COVID-19

This October, the G20 highlighted the importance of prioritizing the global fight against COVID-19 and doing “whatever it takes” to support the global economy. As part of their plan to bring COVID-19 under control, the G20 has pledged to invest upwards of $5 trillion to support the global economy. This is in response to the widespread economic consequences of the pandemic and subsequent lockdowns.

The U.N. has previously spoken out about the importance of the G20 coming together to develop a plan for tackling the novel coronavirus. In March 2020, the U.N. Secretary-General António Guterres addressed the G20 directly in New York, saying that “solidarity is essential, among the G20 and with the developing world, including countries in conflict.” He added that the pandemic requires a “war-time plan to fight it.”

“While the liquidity of the financial system must be assured, our emphasis must be on the human dimension. We need to concentrate on people, keeping households afloat and businesses solvent, able to protect jobs,” Guterres continued.

Guterres also called for debt relief, economic and social support to developed countries and a stimulus package.

Solutions to Support the Global Economy

To support the global economy as a whole, the G20 will likely be required to heed the aforementioned requests from the U.N. Additionally, economic forecasts show that developing countries are at much greater risk of economic anxiety due to the socio-economic effects of the novel coronavirus pandemic, in contrast to developed countries which are already showing signs toward economic recovery.

The G20 has now also agreed for the first time on a “Common Framework” to handle low-income countries facing debt, which is a monumental step forward for global debt relief. This framework is expected to be finalized at the November meeting.

Kristalina Georgieva, the managing director of the IMF has commented on this achievement. “I am encouraged by G20 discussions on a Common Framework for Sovereign Debt Resolution as well as on our call for improving the architecture for sovereign debt resolution, including private sector participation,” said Georgieva on October 15, 2020.

The G20 has also agreed to extend the Debt Service Suspension Initiative (DSSI) by six months. This means it will now freeze official bilateral debt payments until the end of 2020. The G20 has also stated that another six-month extension will be considered in April. This is significant progress from the G20’s past stance regarding the global debt agenda.

– Katherine Musgrave
Photo: Flickr

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Compassion Canada: Fighting Global Poverty During the Holidays

Compassion Canada, Fighting Global Poverty During the HolidaysThis year’s holiday season brings forth a new set of challenges as everyone is forced to accommodate their usual traditions and plans. For those in extreme poverty around the world, the COVID-19 pandemic has amplified their daily struggles. The Poverty and Shared Prosperity Report estimates that the pandemic could push between 88 million to 115 million people back into extreme poverty as advancements in eradicating global poverty reverse. Among the factors contributing to this drastic shift are the travel and trade restrictions, closure of valuable institutions and rise in unemployment. The International Labor Organization reported that poverty among African workers increased by 62% within the first month of the pandemic. These workers relied on industries, such as manufacturing and tourism, that have either closed or are restricted. The World Bank approximates that by next year, 31 million children living in impoverished households will leave school because of the economic impacts of COVID-19. The holiday season should be used as a time to continue fighting global poverty, especially during these trying times when millions of people are at risk. Here is how Compassion Canada is contributing to the fight against global poverty.

What is Compassion Canada?

Compassion Canada is a religion-based organization that was established in 1963 and now works in 25 countries worldwide to fight global poverty by improving child development. Its “holistic” approach to child development includes providing basic necessities, educational opportunities and personal care and guidance to children. As a result of Compassion Canada’s work, two million children now have access to the resources necessary to develop all aspects of their lives and break the cycle of poverty.

In addition, 27% to 40 % more children completed their education and 35% are more likely to be employed in high-skilled jobs. Throughout the pandemic, Compassion Canada has continued its commitment to its mission and now to also fighting global poverty during the holidays.

Fighting Global Poverty During the Holidays

Compassion Canada offers two options for anyone wanting to spread the holiday spirit to families in need. Here is a closer look at these options.

With Gifts of Compassion, individuals can choose from a wide range of gifts, or services, that they wish to give. These gifts include COVID-19 relief, support for income generation, educational resources and clean water. Gifts alleviating the impact of the pandemic include digital medical care, rent assistance and hygiene kits. To help with income generation, donors can choose gifts to support small businesses or give livestock and produce. For those looking to make an impact during the holidays, this is a unique way to give a family around the globe a gift and service they need to continue their path out of poverty. The Christmas Gift Fund accepts monetary donations to give children tangible gifts.

Regardless of the unprecedented situation of the world, Compassion Canada wants to continue spreading the holiday joy to children and give them a reminder that there are people around the world who care for them. Make an impact this holiday season by donating to non-profits and humanitarian organizations!

– Giselle Ramirez-Garcia 
Photo: Flickr

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5 NGOs Fighting COVID-19 in Argentina’s Slums

Argentia's slums, Buenos Aires slums
Argentina is the fifth-highest country with the most COVID-19 cases in South America, with 111,000 recorded cases by mid-July. Moreover, Argentina’s COVID-19 related death toll has nearly doubled since June, surpassing 5,000 cases. Confirmed illnesses continue to be on the rise, with more than half concentrated in the urban hotspot of Buenos Aires City. Approximately 88% of all cases in Argentina are reported from within Buenos Aires, its impoverished slums or its surrounding regions.

COVID-19 in Argentina

While the federal government acted early to contain the virus, including imposing a strict nightly curfew since March, Argentina’s most impoverished remain extremely susceptible to COVID-19 and its dire economic consequences. For example, within Buenos Aires’ slums, families often have to sell their homes to afford meals for their families.

Nearly half of all Buenos Aires cases were estimated to be in its slums in late May. In some instances, outbreaks became so alarming that the government would enforce security and fences around these neighborhoods to ensure residents do not spread the virus—at the expense of residents’ increased impoverishment.

Regional non-governmental organizations (NGOs) within Argentina recognized these hardships faced by low-income Argentinians and are currently working to mitigate the health and economic consequences. Here are five NGOs battling COVID-19 in Argentina’s slums.

5 NGOs Fighting COVID-19 in Argentina’s Slums

  1. Chequeado, Spanish for “Checked,” is an online journalism platform that fact-checks public information on Argentinian politics and society. The organization’s website has recently launched a new COVID-19 section to keep citizens informed about the fact-based science behind the virus. The section also covers COVID-19 cases and newly implanted preventative measures. Headlines range from the effectiveness of spraying items with alcohol to the evidence surrounding the transmission of COVID-19 by air. Given the growing number of slum residents having access to the internet due to Argentina’s globalization efforts, this news outlet is accessible to slum residents who would not have access to the information otherwise.
  2. International Organization for Migration, or IOM, works with state and non-state actors to assist migrants through various means, ranging from counter-trafficking to resettlement support. During the COVID-19 pandemic, IOM is working with the Argentine Red Cross to provide food and cleaning supplies to vulnerable migrants. The organization is also ensuring all migrants understand COVID-19 precautions, translating public information to French for migrants from Haiti and Senegal, as well as English for migrants from Jamaica.
  3. Pequeños Pasos, translating to “small steps,” aims to bring sustainable development to the lives of Argentina’s impoverished. While the NGO focuses on missions ranging from education to employment, health and nutrition have been at the forefront of its efforts. Given the looming issue of extreme food insecurity due to COVID-19, Pequeños Pasos has launched an emergency food project to feed more than 12,500 people at risk of hunger in Buenos Aires slums. For a year, the NGO will provide monthly emergency food bags to vulnerable families.
  4. Asociación Civil Ingeniería sin Fronteras Argentina is a civil engineering organization that has taken on the project to quadruple the capacity of ventilators in Argentine hospitals. This solution aims to alleviate the possibility of ICU units reaching over-capacity and providing a sufficient number of ventilators for COVID-19 patients. The project aims to raise $7,015 to expand Argentina’s existing ventilator capacity, potentially saving thousands of Argentine lives. As a disproportionate number of slum-dwellers are contracting the virus, this aid will help them overcome the effects of COVID-19.
  5. Las Tunas is an education-based NGO that offers children and adolescents various educational resources, including scholarships and arts empowerment classes. In light of the socio-economic effects of COVID-19, the organization has expanded its efforts to help families remain economically stable. New website resources include a “Monitoring, Accompaniment and Early Detections” program that helps set up productive quarantine routines for families. The NGO also has a unique “Economic Development” program, which provides families with business strategies and training materials to increase household incomes. Original educational programs for youth are now also delivered online.

Looking Ahead

While COVID-19 cases in Argentina have overwhelmingly affected the country’s impoverished populations, diverse civil society organizations are working to combat the effects of COVID-19 in Argentina’s slums. Whether through economic empowerment or preventing misinformation on COVID-19, these five NGOs aim to stabilize Argentina’s most marginalized’s living conditions during the pandemic.

—Breana Stanski
Photo: Flickr