Voice of America cites Eric LeCompte of IMF debt relief plan in response to the global economic crisis caused by the coronavirus. Read an excerpt below, and click here for the full story.
Eric LeCompte Quoted in Reuters on IMF Chief's Leadership
Thomson Reuters, Yahoo!News and thousands of other outlets included Eric LeCompte's thoughts on IMF Chief Kristalina Georgieva's leadership as the Fund responds to the coronavirus and its effects. Read an excerpt below, and click here for the full story.
'Force of nature' Georgieva leads IMF through coronavirus storm
Her connections to another powerful global force, the Vatican, helped her defuse a looming crisis with Argentina after the 2019 election of a government that campaigned against the IMF. Georgieva and Argentine Finance Minister Martin Guzman paved the way for better relations during a during a February conference hosted by Pope Francis, according to Eric LeCompte, executive director of Jubilee USA Network, a nonprofit financial reform organization, who also attended.
"It's a blessing that we have someone with a development background at the helm of the IMF. I believe that's why we're seeing quick movement on some fairly bold proposals to save us from a financial crisis or another Great Depression," he said.
When G20 finance officials refused to classify the coronavirus outbreak as a major risk factor in February, Georgieva published the IMF's own, dire, outlook.
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Reuters Quotes Eric LeCompte on IMF Debt Relief
Reuters quoted Eric LeCompte on the IMF announcement of debt relief for poor countries affected by the coronavirus. The story was covered in thousands of outlets around the world, including PBS, Voice of America, MarketWatch and WTOP news. Read an excerpt below, and click here for the full story.
IMF to provide debt relief to help 25 countries deal with pandemic
Eric LeCompte's Thoughts in New York Times on IMF Debt Freeze
The New York Times featured the IMF's decision to halt debt payments for 25 poor countries affected by the coronavirus. Read an excerpt below, and click here for the full story.
IMF Cancels Debt Payments for 6 Months for 25 Poor Nations
Eric LeCompte, executive director of Jubilee USA Network, an alliance of more than 75 U.S. organizations and 700 faith communities working for debt relief, called the IMF announcement “an incredibly positive step.”
“Many of these countries have less than 50 critical care unit beds per country,” LeCompte said in a statement. “These countries need to bolster their health systems right away and cancellation of debt for six months will help these countries.”
But LeCompte said more needs to be done.
“As the poorest countries in the world, they really need full cancellation” of their debts, he said.
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Eric LeCompte Quoted by Common Dreams on Coronavirus Relief
Common Dreams quoted Eric LeCompte on the call for debt relief in response to the coronavirus pandemic. Read an excerpt below, and click here for the full story.
Ilhan Omar Joins Global Call for Debt Relief as Coronavirus Threatens to Push Developing Nations 'Over the Edge'
Last week, Bishop David J. Malloy of the U.S. Conference of Catholic Bishops and Eric LeCompte of the interfaith Jubilee USA Network called on U.S. President Donald Trump to lead the G20 in granting developing nations debt relief so they can better respond to the healthcare and economic consequences of the ongoing pandemic.
"As the G20 considers a suspension of debt payments from the 76 poorest countries in the world, the United States can lead the world, again, in calling on wealthy countries, the G20, the IMF and World Bank, to suspend debt payments for developing countries," wrote Malloy and LeCompte. "Suspending debt payments, with no interest, can immediately allow countries to access funds to bolster their health systems and support needed stimulus packages in the developing world—allowing these countries to provide for their own health, safety, and security."
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"As the G20 considers a suspension of debt payments from the 76 poorest countries in the world, the United States can lead the world, again, in calling on wealthy countries, the G20, the IMF and World Bank, to suspend debt payments for developing countries," wrote Malloy and LeCompte. "Suspending debt payments, with no interest, can immediately allow countries to access funds to bolster their health systems and support needed stimulus packages in the developing world—allowing these countries to provide for their own health, safety, and security."
Read more here.
Between the Lines Interviews Eric LeCompte on Debt Freezes from IMF and G20
Between the lines interviewed Eric LeCompte on the IMF and G20 decisions to halt debt payments for some poor countries affected by the coronavirus. Read an summary below, and click here for the full story.
Amid Pandemic IMF & G20 Called on to Cancel Poorest Nations’ Unsustainable Debt
Eric LeCompte discusses plans he’s proposed to Pope Francis, the International Monetary Fund (IMF) and G20 group of nations re: the COVID-19 pandemic and the urgent need to cancel debt payments for the 76 poorest countries in the world and provide aid for countries that need it.
Listen to full interview here.
The Nation Covers Jubilee, Catholic Bishops Call for Debt Relief
The Nation featured Eric LeCompte's thoughts and a joint letter from Jubilee USA and the US Conference of Catholic Bishops to President Trump urging the Administration to use debt relief as a response to the coronavirus crisis for the poorest countries. Read an excerpt below, and click here for the full story.
A ‘Jubilee’ Cancellation of Debt Is Vital to Fighting the Coronavirus
There are similar concerns for a number of developing nations in Africa, as Jubilee USA’s Director Eric LeCompte explains: “Developing countries are unprepared to deal with the economic and health impacts of the coronavirus. Most of Africa only has about 50 critical care beds per country. Without action, tens of thousands of people will die because they can’t access life saving health services.”
In an urgent April 8 letter to President Trump, LeCompte, and Bishop David J. Malloy, the chair of the Committee on International Justice and Peace for the US Conference of Catholic Bishops, pleaded with the president to put the United States on the right side of this fight when the G20 nations consult over the next week:
As the G20 considers a suspension of debt payments from the 76 poorest countries in the world, the United States can lead the world, again, in calling on wealthy countries, the G20, the IMF and World Bank, to suspend debt payments for developing countries. Suspending debt payments, with no interest, can immediately allow countries to access funds to bolster their health systems and support needed stimulus packages in the developing world—allowing these countries to provide for their own health safety and security.
Read more here.
Reuters, The New York Times Cover Jubilee Call for Debt Cancellation
Reuters and the New York Times covered Jubilee USA Network, global business leaders and civil society groups call for debt cancellation in light of the coronavirus pandemic. Read an excerpt below, and click here for the full story.
Global business, workers, civil society join call for debt relief for poorer nations
WASHINGTON (Reuters) - The International Chamber of Commerce on Friday joined a global trade union and a major civil society group to urge immediate debt relief for the world’s poorest countries to help them fight the coronavirus pandemic and mitigate its economic impact.
In an open letter to finance ministers, the groups also urged countries to contribute to the Catastrophe Containment and Relief Trust, an International Monetary Fund instrument that provides debt service relief to its poorest members.
The ICC, the International Trade Union Confederation and Global Citizen, a group pushing to end extreme poverty by 2030, warned that failure to address the debt and financing needs of developing countries could trigger a series of debt defaults that would have devastating and wide-ranging consequences.
“We are concerned that a failure to immediately address the debt and financing needs of developing countries during this unprecedented crisis will result in large-scale loss of lives and livelihoods — potentially resulting in a fundamental collapse of social and economic systems,” the groups wrote.
The letter reflects increasing support for a push by the World Bank and IMF for official bilateral creditors to temporarily suspend debt payments for the poorest countries, which will be hit hardest by the pandemic.
Details of the IMF-World Bank proposal are still being finalized ahead of debate by finance officials at the virtual Spring Meetings of the Fund and the Bank next week.On Friday, the Institution of International Finance, which includes over 450 banks, hedge funds and other financial firms, also backed the call. Other backers include the U.S. Conference of Catholic Bishops and the Jubilee USA Network alliance of faith groups.
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The New York Times, Reuters, Others Cite Eric LeCompte on New IMF Panel
The New York Times, Reuters, The Express Tribune and others cited Eric LeCompte on IMF Managing Director Kristalina Georgieva's new advisory panel on the coronavirus pandemic. Read an excerpt below, and click here for the full story.
IMF's Georgieva creates external advisory panel on pandemic
Eric LeCompte, executive director of Jubilee USA Network, a non-profit alliance of religious, development and advocacy groups, said Georgieva’s creation of the panel reflected her desire to “tear down barriers” and spark more dialogue.
“This shows a different way of doing business,” he said. “While this is an informal group, it’s significant that someone from civil society is able to offer input.”
NCR, Crux, Catholic Philly and Catholic News Service Features Jubilee efforts
National Catholic Reporter, Crux and Catholic Philly featured the US Catholic Bishops and Jubilee USA's joint letter to the White House calling for debt relief for poor countries affected by the coronavirus. Read an excerpt below, and click here for the full story.
WASHINGTON (CNS) — Two leading proponents of debt relief for developing countries urged the White House to lead the call for a moratorium on debt payments for poor nations so they can devote funds to fight the COVID-19 pandemic.
The request came in an April 8 letter from Bishop David J. Malloy of Rockford, Illinois, chairman of the U.S. Conference of Catholic Bishops’ Committee on International Justice and Peace, and Eric LeCompte, executive director of Jubilee USA Network, an alliance of faith-based development and advocacy groups.
The letter said a moratorium would aid the 76 poorest countries while safeguarding U.S. economic interests.
“The leadership of the U.S. government is vital to ensuring that our world will emerge from this pandemic with greater resilience and a renewed understanding of the greater interconnectedness of humanity,” the letter said.
A decision to suspend debt payments would allow for a better way to assess debt sustainability and vulnerabilities and, if necessary, open a process to restructure debt, the letter added.
The request comes as the Group of 20 finance ministers and central bankers from the European Union and industrial and emerging market nations were preparing to discuss the issue during meetings of the International Monetary Fund and World Bank starting April 14.
G-20 finance officials have long expressed concern about the high level of debt of developing nations and emerging market economies.
“Suspending debt payments, with no interest, can immediately allow countries to access funds to bolster their health systems and support needed stimulus packages in the developing world, allowing these countries to provide for their own health safety and security,” the letter said.
Bishop Malloy and LeCompte also wrote that the financial crisis that has emerged as the pandemic grows threatens U.S. imports and exports to developing countries.
“Providing a suspension of debt payments and debt relief will help safeguard our common interests of returning the U.S. economy to prosperity and growth,” they said.
Read more here.