Today we face a crisis like never before, and we have the power to help.
COVID, climate disruption, rising food and energy prices, and war have created a “megacrisis.” At home we feel the pain of rising temperatures, gas and grocery prices. Low income countries have it even worse with millions more people pushed into hunger and poverty.
It doesn’t have to be this way. With the stroke of a pen, President Biden can trigger a simple, rapid, and cost-free solution: a new issuance of at least $650 billion in Special Drawing Rights (SDRs) at the International Monetary Fund (IMF). This little-known option gives immediate help to recover from shock and meet human needs. No strings attached, no added debt burden, and zero costs to taxpayers.