G7 Leaders’ Statement on Extraordinary Revenue Acceleration (ERA) Loans
October 26, 2024
Washington, DC
Today, the leaders of the G7 nations (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) met in Washington, DC, to discuss the global economic outlook and coordinate their efforts to address the challenges facing the world economy.
One of the key topics discussed was the need to address the urgent financing needs of developing countries, particularly those that are most vulnerable to the economic impacts of the COVID-19 pandemic. The G7 leaders recognized that many developing countries are facing severe fiscal constraints that are limiting their ability to respond to the health and economic crises.
To address this issue, the G7 leaders announced the launch of a new Extraordinary Revenue Acceleration (ERA) Loan program. The ERA Loan program will provide developing countries with access to concessional financing to help them meet their urgent revenue needs and finance critical public services.
The ERA Loan program will be administered by the International Monetary Fund (IMF) and will provide loans of up to $5 billion to qualifying countries. The loans will have a maturity of 10 years and will carry an interest rate of 1%. The loans will be conditional on the recipient countries implementing credible fiscal reforms and macroeconomic policies.
The G7 leaders welcomed the launch of the ERA Loan program and pledged to work with the IMF and other international organizations to ensure that the program is implemented effectively and efficiently. They also called on other countries to join them in providing support for the ERA Loan program and for developing countries more broadly.
The ERA Loan program is a significant step forward in the G7’s efforts to address the global economic challenges posed by the COVID-19 pandemic. The program will provide much-needed financial assistance to developing countries and will help them to meet their urgent revenue needs and finance critical public services.
Issued by the White House
October 26, 2024
G7 Leaders’ Statement on Extraordinary Revenue Acceleration (ERA) Loans
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
The White House a new article on 2024-10-26 00:55 titled “G7 Leaders’ Statement on Extraordinary Revenue Acceleration (ERA) Loans”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
22