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Article

1 Apr 2020

Author:
Ignacio Saiz, Center for Economic and Social Rights

Commentary: Time for a rights-based global economic stimulus to tackle COVID-19

A number of countries... are introducing comprehensive stimulus packages to mitigate the effects of the virus... most of these “bailouts” include protections for workers and companies, their different emphases are striking [and]... largely correlate with how countries have integrated social rights commitments into their legal and policy frameworks.

Unlike rich countries, the fiscal space for low- and middle-income countries to mitigate the impacts of the virus is more constrained, frequently because of the policy choices of wealthier countries and international financial institutions... It’s time for rich countries, IFIs, and other economic actors to stop undermining the capacities of other countries to protect the socioeconomic rights of those most at risk... [Measures could include]... debt restructuring and debt forgiveness,... directing G20 financial support to the Global South,... Refraining from defensive trade and intellectual property measures and eliminating restrictions on the use of health technologies in the Global South... [T]he need for prolonged stimulus is an opportunity to accelerate the transition to sustainable economies by advancing a Global Green New Deal.