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G20 Focuses on Paris Attacks and Economic Stability

by Greg Williams Monday, Nov. 16, 2015 at 12:35 PM

G‎20 Calls on Congress to Pass IMF Voting Reform

In a meeting overshadowed by the Paris terrorist attacks, G20 Heads of State finished their annual meetings in Antalya, Turkey. ‎The leaders focused on a range of issues focused around "economic inclusion."

"G20 leaders endorsed important policies to address corporate tax avoidance‎," noted Eric LeCompte, Executive Director of the religious development group, Jubilee USA Network.

The package of tax reforms supported at the meeting is called the Base Erosion and Profit Shifting (BEPS) measure. Tax and transparency issues have been a focus of G20 meetings over the last four years.

In recent years, the G20 has also urged support for "quota" reforms to give developing countries greater voting shares at the International Monetary Fund (IMF). These reforms are held-up because the US Congress has yet to enact the new rules. The G20 stated they were "deeply disappointed with the continued delay" in implementing reforms agreed on during the 2010 G20 summit.

"IMF quota reform is long overdue and Congress should pass it immediately," said LeCompte, who serves on expert working groups in the United Nations that focuses on global finance policy. "The G20 is united on the need for these reforms."

Jubilee USA Network is an alliance of more than 75 US organizations and 400 faith communities working with 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org
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