Public money creation to maintain fundamental human rights during the COVID-19 pandemic

Takondwa Chimowa; Stephen  Hall; Bernadette Ann-Marie O'Hare

Public money creation to maintain fundamental human rights during the COVID-19 pandemic

Takondwa Chimowa, Stephen Hall, Bernadette Ann-Marie O'Hare

Research output: Contribution to journal › Comment/debate › peer-review

Abstract

As governments around the world respond to the COVID-19 pandemic with a range of policies aimed at mitigating the economic fallout, we argue that low- and middle-income countries (LMICs) should prioritize public money creation over foreign borrowing. Experience shows that the cost of servicing foreign debt diverts resources from public services and can undermine fundamental economic, social and cultural rights, such as the rights to clean water, sanitation, basic education and health care. Moreover, the conditions attached to any subsequent debt restructuring can make matters worse.

Original language	English
Pages (from-to)	395–397
Journal	Harvard Health and Human Rights Journal
Volume	22
Issue number	1
Early online date	6 May 2020
Publication status	Published - Jun 2020

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This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 4 Quality Education

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https://www.hhrjournal.org/2020/05/public-money-creation-to-maintain-fundamental-human-rights-during-the-covid-19-pandemic/Licence: CC BY-NC

Cite this

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title = "Public money creation to maintain fundamental human rights during the COVID-19 pandemic",

abstract = "As governments around the world respond to the COVID-19 pandemic with a range of policies aimed at mitigating the economic fallout, we argue that low- and middle-income countries (LMICs) should prioritize public money creation over foreign borrowing. Experience shows that the cost of servicing foreign debt diverts resources from public services and can undermine fundamental economic, social and cultural rights, such as the rights to clean water, sanitation, basic education and health care. Moreover, the conditions attached to any subsequent debt restructuring can make matters worse.",

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AU - Chimowa, Takondwa

AU - Hall, Stephen

AU - O'Hare, Bernadette Ann-Marie

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N2 - As governments around the world respond to the COVID-19 pandemic with a range of policies aimed at mitigating the economic fallout, we argue that low- and middle-income countries (LMICs) should prioritize public money creation over foreign borrowing. Experience shows that the cost of servicing foreign debt diverts resources from public services and can undermine fundamental economic, social and cultural rights, such as the rights to clean water, sanitation, basic education and health care. Moreover, the conditions attached to any subsequent debt restructuring can make matters worse.

AB - As governments around the world respond to the COVID-19 pandemic with a range of policies aimed at mitigating the economic fallout, we argue that low- and middle-income countries (LMICs) should prioritize public money creation over foreign borrowing. Experience shows that the cost of servicing foreign debt diverts resources from public services and can undermine fundamental economic, social and cultural rights, such as the rights to clean water, sanitation, basic education and health care. Moreover, the conditions attached to any subsequent debt restructuring can make matters worse.

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M3 - Comment/debate

SN - 2150-4113

VL - 22

SP - 395

EP - 397

JO - Harvard Health and Human Rights Journal

JF - Harvard Health and Human Rights Journal

IS - 1

ER -

Public money creation to maintain fundamental human rights during the COVID-19 pandemic

Abstract

UN SDGs

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