First, the IMF, the World Bank, and regional development banks need to be as aggressive as the world’s central banks in expanding their lending. This means recognizing both that the current near-zero interest-rate environment makes it possible to use more leverage than previously, and that there is little point in having reserves if they cannot be utilized now.

The World Bank nearly tripled its lending in 2009. An even more ambitious target may be appropriate now, along with a major increase in subsidized lending at a time when low borrowing rates in rich countries make it much less costly. In addition to relieving debt interest payments, the IMF, with its $150 billion in gold reserves and network of credit lines with central banks, should be prepared to lend up to $1 trillion.

Second, if ever there was a moment to expand the use of the international currency known as Special Drawing Rights (the IMF’s global reserve asset), it is now. If global money is to stay in balance with the domestic monetary expansion in rich countries, an increase in SDRs of well over $1 trillion is urgently needed.

Third, it would be a tragedy and a travesty if stepped-up global financial support for developing countries ended up helping those countries’ creditors rather than their citizens. National debts incurred before the crisis must be at the top of the international financial agenda. We should agree now that once we have clarity on the economic fallout of the crisis, we will pursue the kind of systemic approach required to restore debt sustainability in a number of emerging-market and developing countries, while safeguarding their prospects for attracting new investment.

But the most immediate and largest short-term support can come from waiving upcoming debt payments by the 76 low- and lower-middle-income countries that are supported by the International Development Association.

The current proposal is that creditor countrieswould offer a six- or nine-month standstill on bilateral debt repayment, at a cost of $9-13 billion. But this proposal is constricted both in its time frame and the range of creditors included.

We propose relieving over $35 billion due to official bilateral creditors over this year and next, because the crisis will not be resolved in six months and governments need to be able to plan their spending with some certainty.

Here the role of China, which holds over a quarter of this bilateral debt, will be crucial. China’s decision to be a long-term provider of funds for investment in developing economies has been welcome, and its spending has speeded the development of important infrastructure. Now is the time for China to play a leadership role with other creditors by waiving its debt repayments this year and next.

Nearly 20 years ago, when we both argued the case for debt relief for nearly 40 highly indebted poor countries, almost all the debt was owed to official bilateral or multilateral creditors and little to the private sector. Now, $20 billion – often borrowed at high interest rates – is due by the end of 2021 to private-sector creditors.

As recognized by the Institute for International Finance, which represents private-sector creditors to emerging markets, the private sector has to take its share of the pain. It would be unconscionable if all the money flowing from our multilateral institutions to help the poorest countries was used not for health care or anti-poverty measures, but simply for paying private creditors, especially those like the large American banks that are continuing to pay dividends at a time of crisis. The ministers and governors convening this week should join their authority with that of the IMF and the World Bank to mobilize the private sector around a voluntary plan for addressing these debts.