Lily Fredericks

  • Eric LeCompte Featured in Khaleej Times on World Bank's Crisis Response

    Eric LeCompte was quoted in the Khaleej Times on the World Bank's largest-ever crisis response of $157 billion to help fight COVID-19. Read an excerpt below, and click here for the full story. 

    World Bank Group deploys over $157b to fight Covid

    By Issac John

    The World Bank Group has deployed over $157 billion — its largest-ever crisis response yet — to fight the impact of the Covid-19 pandemic on health, economic and social fronts during the past 15 months.

    This “unprecedented level of support” represents an increase of more than 60 percent over the 15-month period prior to the pandemic, the bank said on Monday.

    Eric LeCompte, Executive Director of the religious-affiliated development group Jubilee USA Network, said that the IMF action would allow developing countries to immediately receive more than $200 billion in support.

    “Wealthy countries who receive emergency reserves they don’t need should transfer those resources to developing countries struggling through the pandemic,” LeCompte said.

     

    Read more here. 

     

     


  • New York Times Features Jubilee USA and Eric LeCompte on IMF's $650 Billion Aid Plan

    Eric LeCompte and Jubilee USA featured in the New York Times on the IMF's backing of $650 billion in global reserve funds to help developing countries. Read an excerpt below, and click here for the full story.

    I.M.F. Board Backs $650 Billion Aid Plan to Help Poor Countries

    By Alan Rappeport 

    The International Monetary Fund took a step on Friday toward easing widening global inequality and helping poor nations access vaccines, saying that its executive board approved a plan to issue $650 billion worth of reserve funds, which countries can use to purchase vaccines, finance health care and pay down debt.

    Jubilee USA Network, a non-profit organization that advocates for debt relief for poor countries, praised the move by the I.M.F. and called on wealthy countries to do more to help.

    “This is the biggest creation of emergency reserve funds that we’ve ever seen and developing countries will immediately receive more than $200 billion,” said Eric LeCompte, executive director of Jubilee USA Network. “Wealthy countries who receive emergency reserves they don’t need should transfer those resources to developing countries struggling through the pandemic.”

     

    Read more here.


  • published Sudan Qualifies for Debt Relief in Press 2021-06-29 16:48:53 -0400

    Sudan Qualifies for Debt Relief

    Washington DC The International Monetary Fund approved a debt relief process for Sudan, according to the country's finance ministry. The Heavily Indebted Poor Countries (HIPC) initiative, a debt relief process created in the early 2000s, will wipe out 85% of Sudan's debt, reducing debt from $50 billion to $8 billion.

    "Sudan needs debt relief as the country emerges from 17 years of conflict and almost half of Sudan's people live in poverty,” said Eric LeCompte, the Executive Director of the religious development group Jubilee USA Network, which campaigned for the HIPC process more than 20 years ago. “Debt relief for Sudan means reducing child poverty and growing the country's economy."

    In March, the United States loaned $1.1 billion to clear Sudan’s debt payment arrears to the World Bank and convened creditors to secure debt relief. A process also moved forward to cut Sudan's IMF debt in arrears.

    “As Sudan struggles with the health and economic impacts of the coronavirus, debt relief is a critical resource for recovery," shared LeCompte.           

    Sudan is the 38th country to benefit, out of 39 countries eligible for the HIPC initiative. Eritrea is the remaining country.


  • Bistandsaktuelt Features Aldo Caliari on IMF's New $100 Billion to Developing Countries

    Aldo Caliari and Jubilee USA are featured in the Norwegian newspaper Bistandsaktuelt on the IMF's new $100 billion in Special Drawing Rights (SDRs) to developing countries. Read an excerpt in English below, and click here for the full story.

    IMF Will Secure $100 Billion to Developing Countries in Crisis

    By Asle Olav Rønning

    Aldo Caliari, head of policy-making at Jubilee USA Network , an organization that works to help debt relief for developing countries, says the planned expansion of the IMF's SDRs is a step forward. He points out that a number of actors have worked intensively for more than a year from the time the proposal first came out until it is now time to adopt it.

    At the same time, he believes the needs are even greater than what is now on the table. SDRs are not a precise tool, because they are a scheme that applies to all countries.

    Jubilee USA Network argued for an SDR allocation of 300 billion dollars precisely because of the skewed distribution, where only about a third of the amount goes to developing countries, Caliari writes in an email to Bistandsaktuelt.

    He refers to estimates from the IMF that low-income countries alone will need $200 billion to get through the pandemic, and another $250 billion to return to the same development path for economic growth as high-income countries.

     

    Read more here.

     


  • Eric LeCompte Featured in Reuters on New IMF Trust

    Reuters features Eric LeCompte and Jubilee USA Network on the IMF's new trust regarding pandemic aid and climate change. 

    Read an excerpt below, and click here for the full story.

    Exclusive - IMF eyes new trust to provide aid to broader group of countries - Georgieva

    By Andrea Shalal

    The IMF expects its board to formally approve the $650 billion SDR allocation in August, paving the way for member countries to donate their unneeded reserves to others in need.

    The previously unreported new trust could help broaden the effort and make funds available to more countries, and for broader initiatives, in line with global goals for combating climate change.

    Eric LeCompte, an adviser to the United Nations and executive director of Jubilee USA Network, said the IMF’s work on the new trust marked “significant progress” for many middle income countries also hit hard by the pandemic.

    “It means that more countries with needs can get aid and resources to get through the pandemic,” he said.

     

    Read more here.


  • Collegeville Institute Features a Personal Profile of Eric LeCompte

    The Collegeville Institute features a personal profile of Jubilee USA Network's Eric LeCompte, titled "All is Possible". Read an excerpt below, and click here for the full story.

    All is Possible - A Profile of Eric LeCompte of Jubilee USA

    By Catherine Hervey

    When he was five or six years old, Eric LeCompte accompanied his parents to church and noticed the face of a suffering person in the sanctuary. He asked his parents who it was, and his mother told him it was Christ, the Son of God. His father added that we’re all children of God, and Eric decided something: if that was what happened to the children of God, he didn’t want to be part of it.

    Today, Eric is the executive director of Jubilee USA, an interfaith network of more than 650 religious groups working to address the structural causes of global poverty and inequality by advocating for debt relief for impoverished nations. Eric is, by all accounts, very much involved with the suffering he saw on the face of Jesus. 

    “If one of us is suffering, we are all suffering,” Eric says. And suffering, in all its myriad forms, is something he describes in the simplest terms: so many of us don’t have enough. Eric’s advocacy for the poor is based on the Jubilee year of the Torah—the fiftieth year when debts were forgiven, the enslaved liberated. These are the kinds of practices, Eric believes, that ensure we all have enough, because for many of the world’s most impoverished people, basic necessities like health care and education could be much more accessible if nations weren’t spending so much capital on debt payments. In Jubilee economics, Eric says, “We all have enough. We provide for each other and we’re protected from having too much.”

    That striking choice of words—that the wealthiest of us need protection from having too much—seems at once radical and absolutely true. It brings to mind all the warnings about the perils of wealth in scripture, and also the work of social scientist Brené Brown, whose research indicates that the opposite of scarcity is not actually abundance but simply, as Eric says, enough.

    Growing up as the oldest of four children in a working class family on the South Side of Chicago, Eric has his own personal experience with deprivation. “As a child, there were times when my parents were out of work, when our family did not have enough. And certainly that has been an incredible influence on my life, to ensure that all people have enough.”

    Eric says his sense of calling didn’t materialize in any particular moment, but over a lifetime of daily prayer. For years he carried a copy of a sermon he heard preached while he was a student at Saint John’s. It was a sermon delivered by now Abbot John Klassen about the martyrs of Algiers, monks who served the local population in Algiers for years before they were killed, knowing each day the risks they were taking. Eric puts the message of the sermon this way: “The great sacrifice of the cross is not faced in just one moment. The great sacrifice comes after bearing small daily crosses, taking small daily risks and sacrifices that prepare us for greater action, greater risk, and perhaps the greatest sacrifice, of our lives.”

     

    Read the full article here


  • Crux Quotes Eric LeCompte on Letter to President Biden from PR and US Religious Leaders

    Crux quotes Eric LeCompte on the Puerto Rico letter sent to President Biden from major religious leaders. Read an excerpt below, and click here for the full story.

    Catholic leaders call on Biden to rescue reeling Puerto Rico

    By: John Lavenburg

    In a conversation with Crux, Eric LeCompte notes that Puerto Rico already has a significant pharmaceutical manufacturing sector. In 2006, when Section 936 – a provision that gave companies that set up shop in Puerto Rico tax exemptions – was phased out by the federal government it meant “overnight 100,000 well-paying jobs left Puerto Rico,” LeCompte said.

    “Puerto Rico already has the facilities, the expertise, the manufacturing infrastructure that there are ways to immediately activate Puerto Rico to be able to work on COVID response, the production of personal protective equipment, the ability to manufacture vaccines,” he said.

    Read the full article here.


  • Bond Buyer Consults Eric LeCompte on Bond Negotiations for Puerto Rico

    Bond Buyer consults Eric LeCompte on the bond negotiations for Puerto Rico. Read an excerpt below, and click here for the full story.

    Puerto Rico bond negotiations slog toward seventh year

    By Robert Salvin

    In July someone usually far from the bondholders’ general outlook, Director Eric LeCompte, foreshadowed the bondholders’ October position, when he told The Bond Buyer that all the debt restructuring should have been completed.
    Read the full article here.

  • Crux Features Eric LeCompte on Biden's Keystone XL Pipeline Project Decision

    Crux features Eric LeCompte on Biden's decision to stop the construction pipeline project in Alberta. Read an excerpt below, and click here for the full story.

    Environmental activists cheer Biden’s decision to stop pipeline project

    By John Lavenburg

    In a conversation with Crux, Eric LeCompte, called Biden’s decision “a step in the right direction to lessen our need on fossil fuels and start the move towards a greener economy.”

    LeCompte acknowledged this was an expected move Biden had promised, but hopes there will be more prudence from the administration in the future.

    “We have to move forward with the decisions that are win-win decisions that look at both workers and the economy as well as climate issues,” he said. “What’s going to be important for the Biden Administration as they move forward is to really be thoughtful as they move towards a greener economy and what they have to do to mitigate job loss in the short term.”

    With the decision made, LeCompte said it would be “incumbent upon the Biden Administration to move forward on new green jobs sooner rather than later” to offset the job losses of the transition to a greener economy.

    He also noted this increases the need for a new stimulus package.

    “What needs to happen, and this is beyond just the pipeline issue, but it’s about delivery to workers in the new stimulus package. That’s where these workers can see real extended relief,” LeCompte told Crux.

    Read the full article here.


  • Reuters Quotes Eric LeCompte on Debt Relief for Chad under G20 Common Framework

    Reuters quotes Eric LeCompte on G20 debt relief for the country of Chad. Read an excerpt below, and click here for the full story.

    Chad becomes first country to ask for debt overhaul under G20 common framework

    By Andrea Shalal

    “This is the first test of the G20 debt reduction process and the process must deliver serious relief for Chad,” said Eric LeCompte of Jubilee USA Network, a charity that focuses on reducing poverty.

    Chad has officially requested a debt restructuring, the first country to do so under a new common framework agreed by a Group of 20 major economies last year, the International Monetary Fund said on Wednesday.

    Read the full article here.


  • Easy Treasury Secretary Confirmation Expected for Janet Yellen

    Washington DC –Treasury Secretary nominee Janet Yellen appeared for her Senate confirmation hearing and is expected to face an easy confirmation.

    Eric LeCompte, the Executive Director of the religious development group Jubilee USA Network and who works closely with US Treasury, releases the following statement on Janet Yellen:

    "What a historic moment as Janet Yellen will be the first woman serving as Treasury Secretary.

    "Amazingly, Yellen will be the first person to serve in the Holy Trinity of US finance. She chaired the president's Council of Economic Advisers, the Federal Reserve, and will take the helm of Treasury.

    "Yellen is the Treasury Secretary we need to confront the severe economic impacts spurred by the coronavirus.

    "In her Senate confirmation hearing, she clearly articulated that too many working people, poor people and people of color are experiencing the worst economic impacts of the pandemic.

    "Her proven track record is the experience we need to combat growing inequality and argue for big stimulus packages going forward.

    "Yellen knows that significant stimulus is urgently needed now to grow our economy and address poverty and inequality.

    "Yellen is in lockstep with current Fed analysis that stimulus must move forward quickly.

    "She will need to take these strong domestic positions on stimulus policies and apply them on a global level as the developing world faces lost decades of development.

    "I have no doubts that she will work well with the IMF, G7, and G20 to promote global stimulus and financial crisis resolution processes.

    "More broadly, Yellen advocates stronger policies to address the intersection of economic issues and climate change.

    "Yellen has strong views on tackling tax evasion and corruption in our financial system."


  • Religious Leaders Press Congress on Puerto Rico Relief, Jobs and Child Poverty

    Washington DC – As Congress negotiates a coronavirus stimulus bill, Puerto Rico and US religious leaders met with Congress leaders on job creation, disaster relief and food benefits for Puerto Rico.

    "Nearly 60% of our children, US citizens, live in poverty in Puerto Rico. Our children are in vital need of Congressional action. The suffering our children face from the high level of poverty, the recurring natural disasters and now COVID-19, can only be described as tragic," wrote leaders of Puerto Rico Catholic, Methodist, Lutheran, Christian (Disciples) and Evangelical Churches to Congress over the summer. The Puerto Rico Council of Churches, Catholic Charities (Caritas) and the General Bible Society also joined the letter, resent to Congress this week.

    Puerto Rico Catholic Archbishop Roberto González, one of the letter signers, joined US religious groups to meet with Republican leaders on priority actions for the island. The meetings organized by Jubilee USA Network encouraged authorization of $1.2 billion for the Nutrition Assistance Program that benefits 1.5 million people on the island. The House of Representatives passed a stimulus package that approved the funding, but that package did not pass the Senate.

    “Before the pandemic hit Puerto Rico, the island wrestled with disaster recovery, high child poverty rates and a debt crisis,” said Jubilee USA Network Executive Director, Eric LeCompte. "Congress must move forward food assistance and efforts to support job creation for Puerto Rico."

    In response to the calls for job creation, President Trump expressed support this fall for increasing pharmaceutical jobs on the island.

    "In the mid-2000s, Puerto Rico lost over 100,000 good jobs to India and China. This loss led to our current debt crisis and many of the economic challenges we now face, further exasperated by a series of natural disasters. Given the constraints that exist in global supply chains and critical needs faced by all US citizens, current stimulus plans should include measures to bring pharmaceutical manufacturing jobs immediately to Puerto Rico and revive Puerto Rico's failing and debt-burdened economy," wrote Puerto Rico religious leaders in their letter to Congress.

    Read the Jubilee Puerto Rico Religious Leader Letter to Congress here.


  • Independent Quotes Eric LeCompte on the Saudi G20 Summit

    Jubilee USA's Eric LeCompte was quoted by the Independent as leaders of the G20 pledged affordable and equal access to the vaccine but did not commit new funds for debt relief aid for developing countries. Read an excerpt below, and click here for the full story.

    Saudi G20 summit pledges fair global vaccine access but stops short of developing world debt relief

    The leaders of the G20 have pledged “affordable and equitable access for all people” to new coronavirus vaccines, but stopped short of committing new funds to meet that commitment or to deliver debt cancellations for developing nations whose economies have been badly hit by this year’s economic crisis.

    “Too many developing countries are still left out of debt relief and aid measures,” said Eric LeCompte, the executive director of Jubilee USA Network. 

    He added that the G20 needs to implement a wider debt relief framework, pointing out that six of the 12 countries with the highest coronavirus death rates are middle-income countries, which remain outside the scope of the G20 debt process.

    Read more here


  • Devex Quotes Eric LeCompte on FCDO, G20 and Hurricane Iota

    Devex quotes Eric LeCompte on this week's global development in FCDO, foreign nationals policy, the G20 debt relief package and the impact of Hurricane Iota. Read an excerpt below, and click here for the full story.

    FCDO's foreign nationals policy, G-20 debt framework, and Iota's compounding impact: This week in development

    The U.K.’s diplomacy and development office restricts employment for foreign nationals, G-20 representatives forge a debt relief framework, and Hurricane Iota makes a bad situation worse. 

    “There is no doubt this is incredible progress,” said Eric LeCompte, executive director at Jubilee USA Network. “This process is a step forward that includes more actors and will expedite relief and reduction.”

    Read more here


  • WSJ Features Eric LeCompte on New Debt Crisis Plan

    The Wall Street Journal quotes Eric LeCompte on a new debt framework in efforts to ensure China's participation in a debt restructuring that could resolve Zambia's default. Read an excerpt below, and click here for the full story.

    Africa’s First Pandemic Default Tests New Effort to Ease Debt From China

    A new framework to resolve debt crises in developing countries, meant to ensure that Chinese and private creditors share the burden of providing relief, faces a key test after Zambia became the first African nation to default during the coronavirus pandemic.

    Finance ministers from the Group of 20 major economies said Nov. 13 that they had come up with a new process for restructuring the debts of the world’s poorest countries, which now owe billions of dollars to Chinese state-owned lenders and Western fund managers that snapped up their dollar-denominated bonds in the years before the pandemic.

    Under this common framework, which G-20 officials lauded as a breakthrough after months of resistance from Beijing, Chinese lenders will participate in debt restructurings alongside rich, mostly Western nations. Private creditors will also be asked to provide relief on similar terms.

    “The framework was designed for the problems Zambia is now facing,” said Eric LeCompte, executive director of Jubilee USA, a nongovernmental organization that lobbies for poor-country debt relief.

    Read more here


  • Eric LeCompte is Quoted in Devex on G20 Debt Framework

    Eric LeCompte is quoted in Devex on the G20's debt relief framework. Read an excerpt below, and click here for the full story.

    G20 Releases Debt Framework Details

    WASHINGTON — The G-20 group of leading economies agreed to a debt framework to help countries pursue debt restructuring or forgiveness, building off of its Debt Service Suspension Initiative and recognizing that some nations may need additional relief, according to a communique released after an extraordinary meeting of G-20 finance ministers and central bank governors Friday.

    “There is no doubt this is incredible progress,” said Eric LeCompte, executive director of Jubilee USA Network. “This process is a step forward that includes more actors and will expedite relief and reduction.”

    Another concern is that the framework only applies to DSSI countries, leaving out middle-income countries, which in some cases are also facing significant debt burdens, LeCompte said, adding that he hopes the agreement could potentially be expanded to a broader group of countries down the road.

    When the G20 Leaders’ Summit takes place this month, the debt framework is likely to be part of a broader communique and will likely be highlighted by leaders, LeCompte said.

    Read more here


  • Financial Times Features Eric LeCompte on the New G20 Debt Relief Plan

    The Financial Times features Eric LeCompte on the G20's debt relief plan to help poor countries battle the economic effects of Covid-19. Read an excerpt below, and click here for the full story.

    World’s poorest countries get fresh debt relief hope from creditor nations

    The world’s poorest countries have been offered fresh help to restructure their debts as leading economies and creditor nations agreed new principles for debt relief to help them fight the economic effects of the coronavirus pandemic.

    “Unfortunately developing middle-income countries are excluded from this process as they face some of the highest poverty increases because of the coronavirus crisis,” said Eric LeCompte, director of Jubilee USA, which campaigns on poverty and debt.

    Read more here

  • Reuters Quotes Eric LeCompte on Historic G20 Debt Relief Plan

    Eric LeCompte is quoted in Reuters as the G20 releases historic debt relief plan for poorer nations combatting Covid-19. Read an excerpt below, and click here for the full story.

    G20 strikes historic debt pact to help poorer states hit by COVID

    PARIS/TOKYO/WASHINGTON (Reuters) - G20 countries have agreed for the first time on a common framework for restructuring government debt, in anticipation of the coronavirus crisis leaving some poorer nations struggling to pay and in need of relief.

    Eric LeCompte, a United Nations adviser on debt and executive director of Jubilee USA Network, said inclusion of private sector creditors was a significant step, but criticised the G20 for failing to include middle-income countries.

    “Unfortunately, middle-income countries that will see some of the highest poverty increases due to the crisis, are excluded from this process, LeCompte said.

    Read more here


  • US News, Reuters, Hundreds of Outlets Quote Eric LeCompte on IMF, G20 Relationship with the US

    Eric LeCompte is quoted in US News and hundreds of outlets as the IMF seeks new relationship with the US in the wake of an apparent transition into a Biden Administration. Read an excerpt below, and click here for the full story.

    IMF Eyes New Relationship With Biggest Shareholder After Biden Win

    WASHINGTON (Reuters) - The election of Joe Biden as U.S. president gives the International Monetary Fund a chance to reset its relationship with the United States, its largest shareholder, and make green initiatives a bigger part of its global economic recovery plan.

    Eric LeCompte, executive director of the Jubilee USA Network, said the IMF was anxious to put more emphasis on issues such as climate change, the SDRs and more comprehensive debt-restructuring mechanism with the help of a new U.S. leader.

    "Even though we've seen a lot of progress and issues over the past six months, we haven't acted quickly enough to confront the coronavirus crisis," LeCompte said.

    Read more here


  • National Catholic Reporter Quotes Eric LeCompte as Pope Francis names 13 new cardinals

    Eric LeCompte is quoted in the National Catholic Reporter as Pope Francis names 13 new cardinals. Read an excerpt below, and click here for the full story.

    Francis Names 13 New Cardinals, Including Washington's Archbishop Gregory

    ROME — Pope Francis named 13 new Catholic cardinals Oct. 25, including two Vatican officials; archbishops in Rwanda, the Philippines and Chile; and Washington, D.C. Archbishop Wilton Gregory.

    Eric LeCompte, who through his work as the executive director of the Jubilee USA Network came to know Tomasi as they both focused on debt, tax and trade issues at the U.N., praised Francis' choice to name the diplomat and Gregory as cardinals at the same time.

    "When we look at appointments and see names like Gregory and Tomasi, we see the Pope's strong commitments to bridge building and promoting the Church's mission to ensure that everyone has enough and can live in dignity," said LeCompte, who is based in Washington.

    Read more here