Washington, DC – Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) issued the following statement: “Today, I am pleased to say that our Executive Board approved immediate debt service relief to 25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund’s response to help address the impact of the COVID-19 pandemic.“This provides grants to our poorest and most vulnerable members to covertheir IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts.
Yes, this IS debt forgiveness which so many are talking nowadays about. I will abstain now from discussing the only one thing IMF knows about--austerity--and how it literally kills countries, but this is something new in a good sense. Michael Hudson wrote a whole treatise on debt forgiveness, and we may yet see some moves in the US once it will be understood that relief package for ordinary folks and businesses will not be enough and some action will be required in terms of, as an example, helping families with mortgage to keep them in their houses and condos, is a must lest one wants to face people with pitch-forks or AR-15s. Isn't laissez faire' grand? Nah. I am screwing with you. Same Hudson is on record when stating that what is taught as economics in Western higher education programs is not economics at all--agree completely, they teach them finances and how to manipulate them. It is getting curioser and curioser(c).