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Anjoulie Woodhead published Jubilee USA Statement on IMF, World Bank, IMFC and World Bank Development Committee Meeting in Press 2024-04-19 18:35:21 -0400
Jubilee USA Statement on IMF, World Bank, IMFC and World Bank Development Committee Meeting
On Saturday, the Spring International Monetary Fund and World Bank Meetings conclude. On Friday, the International Monetary and Financial Committee (IMFC), the IMF policymaking body, met as part of the IMF and World Bank Meetings. A ministerial-level forum, the Development Committee also met on Friday. The meetings focused on the global economy, economic growth, debt, inflation, climate issues, development bank funding and resources to respond to multiple crises.
Eric LeCompte, at the meetings in Washington, is the Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF and World Bank meetings since 2010. LeCompte releases the following statement on the Spring IMF, World Bank, IMFC and Development Committee meetings:“Given how many debt crises we are dealing with, we need many improvements to debt relief and aid processes.
"There was good progress this week to make debt restructurings faster and access to crisis funding easier.
"The IMFC meetings concluded that dealing with debt challenges remains a high priority for the International Monetary Fund.
"We need to mobilize more development aid and low-cost loans to address current global challenges instead of loading countries with more debt.
“The conversations on expanded IDA Replenishment and IMF zero-interest-rate windows will be a key focus to address crises that countries face.
"We hope that new ways to distribute Special Drawing Rights and IMF gold sales will be studied, considered and implemented to address global challenges.
“The notion that the IMF should cut its lending surcharges seems to be gaining acceptance.
"This summer we can now expect serious work to move forward on addressing the problems caused by IMF surcharges.
“Problems that the strengthening US dollar creates for debt burdens in poor countries were very present in discussions this week.
"Funding climate adaptation and mitigation for developing countries was a significant concern raised during the meetings.
"While many countries are seeing some economic growth, too many countries are mired in multiple crises.
"Food security, poverty and growing inequality are issues we must address more quickly.
"Crises and challenges in many countries are impacting the cost of living in all countries."
Read the Chair’s Statement on the Forty-Ninth Meeting of the IMFC here.
Read Jubilee USA's press release on the IMF and World Bank Spring Meetings here.
Find Jubilee USA's press release on the G20 Finance ministers and Central Bank governors' meeting here.
Read Jubilee USA's statement on the IMF World Economic Outlook report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.
Read Jubilee USA's press release on the G20 February Finance ministers meeting here.
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Anjoulie Woodhead published World Leaders Meet for Spring IMF, World Bank and G20 Meetings in Press 2024-04-19 10:04:59 -0400
World Leaders Meet for Spring IMF, World Bank and G20 Meetings
Meetings Focus on Debt, Climate and Economic Stability
World leaders, finance ministers, business groups, academics and development organizations attend the Spring IMF, World Bank and G20 meetings.
“Debt, climate issues and poor economic growth top the agenda during these meetings,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “We've seen some progress on debt challenges during the meetings."
On Tuesday, the IMF's Executive Board approved new policies on debt in “Policy Reform Proposals to Promote the Fund’s Capacity to Support Countries Undertaking Debt Restructurings.”
"The IMF leadership endorsed some important proposals that introduce more predictability, transparency and certainty in debt restructurings, financing and negotiations," noted LeCompte who is attending the meetings. "Debt crises are hurting the global economy and it's urgent we continue to improve processes for debt relief and foster positive investment in developing countries."Read the IMF policy paper: Policy Reform Proposals To Promote The Fund’s Capacity To Support Countries Undertaking Debt Restructuring here.
Find Jubilee USA's press release on the G20 Finance ministers and Central Bank governors' meeting here.
Read Jubilee USA's statement on the IMF World Economic Outlook report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.
Read Jubilee USA's press release on the G20 February Finance ministers meeting here.
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Anjoulie Woodhead published G20 IMF Finance Ministers Jubilee Statement in Press 2024-04-18 23:19:36 -0400
G20 IMF Finance Ministers Jubilee Statement
G20 finance ministers conclude their meetings during the Spring IMF and World Bank Meetings. The ministers focused on inflation shocks, debt vulnerabilities in developing countries and the role of Multilateral Development Banks.
Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored G20, IMF and World Bank meetings since 2010, releases the following statement on the G20 finance ministers meeting chaired by Brazil:
"Brazil is attempting to raise some ambitious issues to address poverty, climate and inequality during its G20 presidency."Food security and debt are challenges that impact every issue that the G20 is grappling with.
"Developing countries need increased funds from Multilateral Development Banks to deal with climate, poverty and food security challenges.
"G20 debt relief processes are not working effectively or fast enough."As the majority of countries face numerous crises, the G20 has a responsibility to move forward aid and policies that can resolve these crises."Read Jubilee USA's statement on the IMF World Economic Outlook report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.
Read Jubilee USA's press release on the G20 February Finance ministers meeting here.
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Invites for Jubilee, IMF Events
On behalf of Jubilee USA Network, we'd like to invite you to join us for these special upcoming events:
April 17, 2024 | 2:00 - 3:30 pm ET
The Future of Special Drawing Rights as a Development Finance Tool: What's Next?
SDRs were conceived as an instrument of monetary policy during the gold-dollar standard era, and quickly faded into irrelevance. The latest issuance in 2021 reinstated SDRs as a powerful instrument, its widespread use by low- and middle-income countries reflects its effectiveness in generating fiscal space, as a mechanism to provide unconditional support to Southern countries without increasing debt in a context of poly-crisis. However, as these crises continue to hit, the fulfillment of the 2030 Agenda and the Paris Agreement is jeopardized. We will debate the merits and caveats of future SDR allocations, their use for development and climate finance, and reforms to the SDR system.
La Red Latinoamericana por Justicia Económica y Social (LATINDADD)'s Global Advocacy Director Patricia Miranda moderates a panel with Andrés Arauz, Former Minister, Central Bank Official of Ecuador and Senior Research Fellow at CEPR; Niranjali Amerasinghe, Executive Director, ActionAid-USA; Didier Jacobs, Debt Relief Advocacy Lead, Oxfam; Carlo Sdralevich, IMF Assistant Director and Division Chief, IMF General Resources and SDR division in Finance Department.
Sponsors: Oxfam; MENA Fem Movement for Economic, Development and Ecological Justice; La Red Latinoamericana por Justicia Económica y Social (LATINDADD); Recourse; Partners in Health; ActionAid - USA; Center for Economic and Policy Research (CEPR); Jubilee USA Network; and Bretton Woods Project.
Location: HQ2-03B-768B
Registration to the World Bank/IMF Spring Meetings will be required to access the premises. No registration is needed to access the Zoom livestream, available at: https://imf.zoom.us/j/97986887262?pwd=VmthNjhBazVMZU1yVnlZUWQ5MkNHZz09&utm_medium=email&_hsenc=p2ANqtz-9iCIg6SACnjxtvVDDDaycT6Zto-K1_xtLc0xsOXlr2DbDfI6BkWMB2QJPH861OG3VcfMJKp4axrPv23m0i9mBxomfp0Q&_hsmi=85569181&utm_content=85569181&utm_source=hs_email#success
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April 18, 2024 | 11:15 - 12:45 pm ET
Governance Reform Through Transparency - The Role of Civil Society in Combatting Corruption
Many developing countries have established anti-corruption commissions to reduce corruption. However, despite decades of reform efforts and hundreds of millions invested, there is little evidence of a corresponding decrease. This top-down approach often undermines collaborative efforts between governments and civil societies to jointly fight corruption. Panelists will discuss how civil society organizations can be reliable partners in fighting corruption that will enhance effectiveness of national anti-corruption programs. Participants will also discuss innovative and effective bottom-up anti-corruption strategies that foster community engagement and community leadership in the fight against corruption.
Africa Faith and Justice Network's Executive Director Steven Nabieu Rogers (PHD) moderates a panel with Ntal Alimasi, Specialist, Capacity Development and Governance and Anticorruption, The Africa House; Mary Awelana Addah, Executive Director, Ghana Integrity Initiative; Ibrahim Tommy, Executive Director, Center for Accountability and Rule of Law; Ntama Bahati, Policy Analyst, Africa Faith and Justice Network.
Sponsors: Africa Faith & Justice Network; Ghana Integrity Initiative; Center for Accountability and Rule of Law; and Jubilee USA Network
Location: I Building-2-220
Registration to the World Bank/IMF Spring Meetings will be required to access the premises. Visit AMWeb to view the full schedule of World Bank and IMF events. Click on the “View Event” link from the schedule and then (if prompted) log into the viewing platform with your login credentials.
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April 19, 2024 | 11:30 - 1:00 pm ET
Moving Beyond Current Debt and Development Crisis: Solutions for Genuine Debt Sustainability
The debt crisis is a reality in too many countries. High interest rates and debt service payments are squeezing Global South countries' fiscal space and jeopardizing their ability to invest in climate and development. To get solutions right it is key to restore debt sustainability in a way it also ensures governments capacity to guarantee human rights, gender equality and climate action, but also to look at the crisis from a structural perspective. The panel will explore how to effectively solve this debt crisis considering it is as well a development crisis.
Eurodad's Policy and Advocacy Manager Iolanda Fresnillo moderates a panel with Samantha Kanoyangwa, Coordinator, African Sovereign Debt Justice Network (AfSDJN); Jason Rosario Braganza, Executive Director, African Forum and Network on Debt and Development – AFRODAD; Marina Zucker-Marques, Senior Academic Researcher, Debt Relief for a Green and Inclusive Recovery; Mark Flanagan, Deputy Director, Strategy Policy and Review Department, International Monetary Fund (IMF).
Sponsors: African Forum and Network on Debt and Development – AFRODAD; African Sovereign Debt Justice Network (AfSDJN); Arab NGO Network for Development (ANND); ActionAid International; The Asian Peoples' Movement on Debt and Development (APMDD); Jubilee USA Network; Bretton Woods Project; The Center for Economic and Social Research (CESR); Debt Justice Norway; Debt Relief for a Green and Inclusive Recovery (DRGR) Project; Development Finance International; Erlassjahr; European Network on Debt and Development – Eurodad; Global Policy Forum; Institute for Economic Justice; SEATINI Uganda; La Red Latinoamericana por Justicia Económica y Social (LATINDADD); The Initiative for Social and Economic Rights (ISER); and the International Trade Union Confederation (ITUC).
Location: HQ2-03B-768B Lecture Room
Registration to the World Bank/IMF Spring Meetings will be required to access the premises. No registration is needed to access the Zoom livestream, available at: https://imf.zoom.us/j/94507495058?pwd=THQxbHZ2N244L2dPS25PdWtIUFBmQT09#success
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Anjoulie Woodhead published IMF Chief Warns of Debt Payments in Low-Income Countries Ahead of IMF, World Bank and G20 Meetings in Press 2024-04-11 14:20:07 -0400
IMF Chief Warns of Debt Payments in Low-Income Countries Ahead of IMF, World Bank and G20 Meetings
Global Economic Losses Since Dawn of Pandemic Hit $3.3 Trillion
Since 2020, the global economy lost $3.3 trillion. The loss affected the most vulnerable countries hardest noted International Monetary Fund chief Kristalina Georgieva. Delivering her curtain raiser speech ahead of the IMF, World Bank and G20 Spring meetings, she stated debt remains at high levels in most countries, with the poorest countries spending more than 14% of their budgets on debt payments.
"Debt continues to be one of the primary concerns for developing countries," said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. "Georgieva points out that debt will continue to be a stumbling block for too many countries."
Debts had increased for more than a decade and the necessary spending to protect lives and jobs during the pandemic added to the trend according to Georgieva.
"The poorest countries saw the biggest losses from the pandemic," remarked LeCompte. "While some countries are recovering, many developing countries are still worse off than they were before the pandemic."
According to the IMF head, interest rate hikes are pushing up higher debt servicing costs.
"It is time to cut interest rates," shared LeCompte. "Interest rates are making debts soar for poor countries and pricing food and fuel out of reach for too many of us."
The curtain raiser speech calls for budget cuts as one of the tools to stabilize debt. However, a year ago the IMF flagship World Economic Outlook found that spending reductions had little effect on reducing debt, while debt restructurings had achieved debt reductions of 8 percentage points in the medium term.
“There are a number of countries where debt relief is the best option to quickly restart their economies and build economic growth,” shared LeCompte.
Watch the curtain-raiser speech here.
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Anjoulie Woodhead published Financial Times Features Aldo Caliari's Letter On the Sovereign Debt Stability Act in Press 2024-03-29 14:59:59 -0400
Financial Times Features Aldo Caliari's Letter On the Sovereign Debt Stability Act
The Financial Times features Aldo Caliari's letter in response to Leland Goss' letter "Flaws in New York State’s well-intended debt plan." Read an excerpt below, or the full article here.
Letter: No surprise unions back New York State’s debt plan
By Aldo Caliari
Leland Goss (“Flaws in New York State’s well-intended debt plan”, Letters, March 13) mischaracterises important aspects of the proposed New York State legislation.
The reference to “equitable burden-sharing” is part of a definition that actually, read in full, simply refers to the rules set by international debt relief initiatives. The bill does not create any new standard, but incorporates what is state of the art in the international community’s approach to resolving debt crises, and is crafted to dynamically capture its expected evolution. This includes any shaping of the standards to emerge from the G20-led Global Sovereign Debt Roundtable, and other attempts at building consensus among creditors and sovereign borrowers.
The protection the bill provides to debtors faced with a lawsuit will disincentivise rather than lead to more litigation, thus encourage engagement of all private creditors in negotiations.
Read more here.
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Anjoulie Woodhead published The Sovereign Debt Stability Act bill and bill memo in The Sovereign Debt Stability Act 2024-03-13 15:48:39 -0400
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Anjoulie Woodhead published New York State Public Health Association Support Memorandum for the Sovereign Debt Stability Act in Organizational, Group and Individual Letters and Memos in Support of The New York Taxpayer and International Debt Crises Protection Act 2024-03-11 15:11:26 -0400
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Anjoulie Woodhead published SECAM Statement to the 56th Conference of African Ministers of Finance, Planning and Economic Development in Press 2024-03-01 14:15:28 -0500
SECAM Statement to the 56th Conference of African Ministers of Finance, Planning and Economic Development
The Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) issued a statement calling for effective debt relief, a significant increase in the flow of resources for development and strengthened governance frameworks as the 56th Conference of African Ministers Meetings commence in Victoria Falls, Zimbabwe.
Read the statement here.
Read the press release on the statement here.
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Anjoulie Woodhead published Jubilee USA and Africa Faith Webinar Ahead of African Finance Ministers Meeting in Press 2024-02-29 08:11:32 -0500
Jubilee USA and Africa Faith Webinar Ahead of African Finance Ministers Meeting
CLICK HERE TO REGISTER.
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Anjoulie Woodhead published Brazil Chairs G20 and Vows to Address Poverty, Hunger and Climate Change as Finance Ministers Gather in São Paulo in Press 2024-02-28 11:08:47 -0500
Brazil Chairs G20 and Vows to Address Poverty, Hunger and Climate Change as Finance Ministers Gather in São Paulo
The Brazilian Presidency of the G20 hosts finance ministers for their first G20 meeting this year. Brazil’s vow to make the reduction of poverty and hunger priorities this year takes place amidst the world’s worst growth projections in the last three decades, spreading armed conflicts and rising debt payments.
“Debt payments in developing countries are equal to what many of these countries spend on health, education, social programs and climate issues combined” said Eric LeCompte, Executive Director of Jubilee USA Network. “Giving developing countries effective tools to cut their debt is essential for progress on any of the priorities the G20 sets for this year.”
The World Bank forecasts that debt payments will rise 10% in 2023-2024 compared to the previous two years. A G20 debt reduction initiative began in 2020, the Common Framework, has only attracted four applicants, three of which remain stuck without an exit to their debt crises.
Brazil continues the G20 efforts to increase the capacity and to reform development banks.
“The G20 needs to track how development banks meet new challenges and growing demands,” noted LeCompte.
Brazil also announced plans to advance the group’s cooperation on halting climate change and aligning financial actions with the objectives of the Paris Climate Agreement.
“The G20 can build consensus on meeting the climate funding goals that the UN climate conference needs to finalize by the end of this year," shared LeCompte.
This year’s UN climate conference, COP29, is the deadline for agreeing on a new climate finance goal starting in 2025. G20 leaders agreed last year that $100 billion a year is the floor for any new climate finance commitments.
“We worry that too many of the increased climate resources may come in the form of loans that add to high debt burdens.”
In last year's October G20 gathering the group avoided commenting on the conflict in Israel and Gaza.
"There are strong tensions among G20 leaders around the conflicts and humanitarian crises taking place in Ukraine and Gaza and Israel."
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Anjoulie Woodhead published US News Quotes Eric LeCompte on Economic Challenges Faced by Developing Countries in the Aftermath of the Pandemic - Jubilee USA Network in Press 2024-02-13 12:48:10 -0500
US News Quotes Eric LeCompte on Economic Challenges Faced by Developing Countries
U.S. News & World Report quotes Eric LeCompte on the economic challenges faced by developing countries due to the pandemic and high debt. Read an excerpt below, or the full article here.
Resilient U.S. Boosts IMF Forecast for Global Economic Growth
By Tim Smart
Eric LeCompte, executive director of the religious development organization Jubilee USA Network, also noted that many countries still face the twin concerns of dealing with the aftermath of the pandemic and crushing debt burdens.
“Most countries are facing economic challenges while their debt payments are too high,” he said "When countries need resources and interest rates on loans are high, we have a recipe for more crises."
LeCompte also stated that developing countries spend 13% of their budgets repaying debt, more than double the figure 15 years ago.
“While developing countries are still dealing with challenges from the pandemic, slow growth and high debts are bad news,” LeCompte added. “Developing countries need debt relief and more resources to confront continuing economic shocks."
Read more here.
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Anjoulie Woodhead published Eric LeCompte Comments on Davos 2024 in America Magazine in Press 2024-01-31 15:15:15 -0500
Eric LeCompte Comments on Davos 2024 in America Magazine
America Magazine quotes Eric LeCompte on the current global economic system's inability to eradicate poverty. Read an excerpt below, or the full article here.
The Weekly Dispatch: Wisdom from Pope Francis for the billionaires meeting in Davos
By Kevin Clarke
Eric LeCompte is the executive director of Jubilee USA Network, a coalition of religious, development and advocacy groups focused on debt relief for the world’s poorest economies. He believes “from a Catholic point of view,” there is good reason to look askance at some of the “false promises” coming out of Davos, including “the idea that artificial intelligence, better technology and the economic system as it is can deal with global poverty, deal with inequality, create the jobs we need as well as protecting our planet.”
“These are messages that the church has been skeptical about,” he says, “knowing that throughout human history, unless we have an ethical economy, no matter what technology we have or what new systems or new businesses we have, we’re not going to create the world that is…promised, where we all have enough.”
Davos is an experience, Mr. LeCompte says, where important ideas are discussed, business relationships secured and deals made, but in the end not much is practically achieved in terms of addressing global poverty and inequity. Its relevance has been even more diminished, he believes, since the arrival of tech giants on the Davos scene, who use the conference to showcase their digital wares and vision. To many it is merely “the best party in Europe.”
Read more here.
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Anjoulie Woodhead published IMF Says Historic Low Growth and Sluggish Economy Will Continue in Press 2024-01-30 14:13:47 -0500
IMF Says Historic Low Growth and Sluggish Economy Will Continue
Debt and War Present Major Global Economic Challenges According to IMF
The IMF forecast 3.1% global growth in 2024, a fifth of a point increase on its October projection. According to the IMF, the new forecast is still below the 3.8% growth average during the two pre-pandemic decades. The report noted risks to trade routes as a result of war and that the Israel and Gaza conflict spreads and sends food and fuel costs to new highs.
“Most countries are facing economic challenges while their debt payments are too high,” said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. "When countries need resources and interest rates on loans are high, we have a recipe for more crises."
Developing countries spend 13% of their budgets repaying debt, more than double the figure 15 years ago, and debt problems prevent necessary investments, according to the IMF. High rates moved by major central banks, in attempts to contain inflation, fuel a higher cost of borrowing for these countries.
“While developing countries are still dealing with challenges from the pandemic, slow growth and high debts are bad news,” added LeCompte. “Developing countries need debt relief and more resources to confront continuing economic shocks."
Earlier this month, the World Bank found that 40% of the low-income countries are poorer than before the pandemic. Developing country debt payments were at the highest level ever in 2022 and expected to continue to grow.
Read the IMF's World Economic Outlook Update here.
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Anjoulie Woodhead published 2023 Jubilee Report: Historic NY Leg, Puerto Rico, Billions Won, Gains and Challenges in Press 2023-12-22 15:05:42 -0500
2023 Jubilee Report: Historic NY Leg, Puerto Rico, Billions Won, Gains and Challenges
Friend,
Our 2023 Jubilee report is out. Through pictures and words our year-end report details our work over the last year from New York to Africa to Puerto Rico.
Please read and share our 2023 end-of-year report that details how our Jubilee efforts are saving lives and livelihoods and protecting our planet.
We won billions in aid this year for developing countries. Our Executive Director Eric LeCompte addressed 46 presidents and primeministers of these countries on how to move their populations from poverty to prosperity.We changed global policies on debt and development. We appeared in tens of thousands of news outlets.
Read and share our Jubilee USA Network 2023 end-of-year report.
We look forward to continuing our productive efforts, together, in the new year.
Gratefully,
Aldo Caliari
Senior Director of Policy and Campaigns
Jubilee USA Network
[email protected]
www.jubileeusa.org/support-us
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2023 End of Year Report
Click here to review the report.
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Anjoulie Woodhead published Climate Summit Agrees to Reduce Use of Fossil Fuels and Commits More Resources to Fight Climate Change in Press 2023-12-15 15:03:13 -0500
Climate Summit Agrees to Reduce Use of Fossil Fuels and Commits More Resources to Fight Climate Change
Pope Francis and Africa Catholic Bishops Call for Debt Relief to Fight Climate Change Impact on Developing Countries
Nearly 200 countries agreed to cut the use of all fossil fuels during COP28, the UN climate change conference that concluded in Dubai. According to the UN, the world is facing catastrophic temperature changes unless countries take more dramatic action to reduce their reliance on fossil fuels.
“While we saw important commitments in Dubai, we are not taking action quickly enough to address climate change," said Eric LeCompte who serves on United Nations expert groups and is the Executive Director of the religious development organization Jubilee USA Network. "Developing countries urgently need more resources as they wrestle with some of the worst impacts of climate change."
Developing countries need to spend $2.4 trillion on climate challenges and another $3 trillion on other development priorities, noted a group of experts commissioned by previous COP presidents.
"The Dubai agreement noted that countries need more aid, relief and cheap loans to avoid increasing debt," stated LeCompte.
In 2023, spending on debt service will be 12.5 times higher than spending on climate adaptation, according to a brief Jubilee USA Network and other organizations launched in November.
Africa's Catholic Bishops said that while Africa is historically not responsible for global warming, the region suffers the highest vulnerability to it. The statement by the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) called for removing the obstacle of debt and scaling up aid to the region in the lead up to the new Jubilee 2025 year. In Pope Francis' address to COP28, delivered by Vatican Secretary of State Cardinal Parolin, Francis called for solutions that do not penalize “the development of many countries, already burdened by grave economic debt,” and called for “remitting” such debts.
"We will not raise the money we need to address climate challenges without debt relief," shared LeCompte.During the conference the World Bank announced its loans to vulnerable countries will include clauses that pause debt payments temporarily when the debtor suffers a climate-related disaster.
“Debt payment pause clauses in loan contracts are essential to more fairly share climate change burdens and impacts of disaster between creditors and debtors,” added LeCompte. “We need these types of clauses in all loan contracts.”
The conference launched a fund to compensate countries for climate-related losses, attracting initial donor pledges totaling $800 million.
“Droughts, storms, floods, poorer harvests and rising health problems are among the many climate effects hurting developing countries,” expressed LeCompte. “While we have critical commitments to raise resources to combat climate change, we will need more."
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Anjoulie Woodhead published COP28 Climate Summit Negotiations Focus on Commitments for Developing Countries to Adapt and Solve Climate Crisis in Press 2023-11-29 17:24:51 -0500
COP28 Climate Summit Negotiations Focus on Commitments for Developing Countries to Adapt and Solve Climate Crisis
Most Developing Countries Spend More on Debt Service than on Addressing Country Climate Crisis Challenges
Dubai prepares to host nearly 170 prime ministers and presidents as part of COP28, this year’s United Nations conference to reach agreements on measures to stop climate change. High on the agenda are negotiations on climate aid for developing countries to address growing challenges from the climate crisis including greater natural disasters, rising sea levels and forest destruction.
"Wealthy countries pledged to provide some resources for developing countries to address the growing climate crises that are impacting their people," said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. "The commitments weren't enough and what was committed hasn't materialized. The climate summit needs to find out where the money is coming from and how to increase resources to address the climate crisis."
Delegates seek to finalize details on a fund to compensate developing countries for climate-related damage that last year’s climate conference agreed on. A 24-country committee tasked with developing details on contributions and operational aspects of the fund, released its proposal earlier this month.
“The Dubai negotiations need to finalize the funding and structure of the loss and damage climate fund so vulnerable countries get some relief soon,” added LeCompte. "Ninety percent of developing countries pay more on debt service than on climate spending. Debt relief and new sources of aid will need to be on the table if we are to raise the resources we need."
A range of governments, experts and civil society organizations are pushing climate summit negotiators to agree on a number of ways for countries to raise resources, including debt relief. Proposals and decisions include addressing which countries need debt relief, climate clauses in debt contracts, controlling interest rates and cheap loans.
According to the OECD, the pledge wealthy countries made in 2009 to transfer $100 billion in annual climate finance to developing countries, remains unfulfilled. The Dubai gathering assesses progress as well as to continue negotiations towards a new climate goal starting in 2025.
“With what we know about climate today and the impacts on our health and planet, the new climate finance goal should be much larger than 2009,” shared LeCompte. "In addition to the climate crisis, countries are wrestling with food and fuel crises, poverty, poor economic growth and shocks from the pandemic."
G20 leaders meeting in New Delhi in September agreed that $100 billion a year is the floor for any new climate finance commitments.
“During the summit, it will be crucial to watch the G20 and the IMF as they are key for setting climate goals and moving forward the resources we need,” said LeCompte.
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Anjoulie Woodhead published Confront Crisis, Spread Jubilee on Giving Tuesday in Press 2023-11-28 10:12:47 -0500
Confront Crisis, Spread Jubilee on Giving Tuesday
Dear Friend,
Today, #GivingTuesday, falls during multiple global crises that can often feel like too much to comprehend. Because of you, Jubilee USA won hundreds of billions of aid to confront the pandemic and debt, food, disaster and climate crises. World leaders are considering our proposals to prevent future crises. These solutions are needed to help every day households in the US, Puerto Rico and the entire world.
Please donate to Jubilee USA Network to support our mission and efforts to address global crises and the structures that create poverty, inequality and harm to our planet. Your tax-deductible gift is matched and doubled now.
Over the past year, your generosity meant:
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The New York Taxpayer and International Debt Crises Protection Act, with bipartisan support, was the first global debt relief legislation to move out of committee in the New York State legislature in 20 years
- From the US and other wealthy countries, we won pledges of $87 billion in Special Drawing Rights to support developing countries
- The G20 approved proposals that increase development bank loans, aid and grants by $15 billion a year, and we are moving them to provide hundreds of billions more
- As 60% of Puerto Rico's children live in poverty, we convened the leaders of the largest Puerto Rico and US religious groups to sign a letter to Congress calling for Puerto Rico to receive the same level of nutritional assistance (food stamps) that US States receive
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We organized and supported a New York, national and global coalition of over 60 groups, comprising the largest unions, major religious institutions, development groups, notable economists, finance ministers, powerful environmental organizations, our global partners and high-level United Nations officials
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In partnership with Africa's interfaith religious leaders and biggest religious institutions, we are advocating for debt relief, new economic policies and effective use of aid resources for pandemic response, the climate crisis and recovery in Africa
- We convened some of the world's most notable experts for a process to improve debt relief assessments and align them with labor, human development and climate goals
- The US and other wealthy countries committed to a minimum of $100 billion in climate finance after 2025, and a new fund to compensate countries most vulnerable to climate change
- We addressed world leaders at some of the largest global decision-making forums at the United Nations, World Bank and International Monetary Fund
- Hundreds of thousands of newspapers and television and radio shows covered our Jubilee USA efforts
Please join me and make a tax-deductible gift this #GivingTuesday, so Jubilee USA can continue to create and advocate for solutions that save lives, our planet, and prevent future crisis. Donations are doubled now.
In solidarity,
Eric LeCompte
Executive DirectorTwitter: @Eric_LeCompte
www.jubileeusa.org/support-us
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The New York Taxpayer and International Debt Crises Protection Act, with bipartisan support, was the first global debt relief legislation to move out of committee in the New York State legislature in 20 years
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Jubilee in the News
Friend,
Jubilee USA continues to receive major news coverage on our efforts to end poverty, address inequality and protect our planet. Please see below a sampling of our media hits.
Gifts to support Jubilee's efforts are doubled now.
Gratefully,
Aldo
Aldo Caliari
Senor Director of Policy and Campaigns
Jubilee USA Network
https://jubileeusa.nationbuilder.com/support-usJUBILEE IN THE NEWS
US bishops endorse Puerto Rico’s appeal for equal food assistance Crux (November 14th)
Will World Bank, IMF rescue developing economies from growing debt conundrum? News Agency of Nigeria (October 25th)
The New York Legislature Could Help Free the Global South from Crushing Debt Jacobin (October 14th)
Change approach to Africa, Catholic bishops urge IMF, World Bank The Herald (October 13th)
G20 communique omits mention of Middle East conflict Reuters, the New York Times, US News (October 13th)
World's Higher-for-Longer Rate Era Stokes Worry Bloomberg (October 13th)
You have to change your approach to Africa, Catholic bishops urge IMF, World Bank news24 (October 12th)
What’s on the menu in Marrakech Devex (October 12th)
World Bank urges cooling of Israel-Gaza conflict as annual meetings start Reuters (October 9th)
IMF and World Bank Annual Meetings Global Finance (October 9th)
Multi-Faith Network leaders call for transparency in IMF bailout funds utilisation Ghana Business News (September 29th)
The UN can talk SDGs all it wants, without money it means little for Africa, experts warn news24 (September 21st)
Africa in the G20: The good, the bad, and the changing climate news24 (September 12th)
Bishops join African faith leaders in call for debt relief The Tablet (August 28th)
Catholic bishops, faith leaders appeal for debt relief to help African countries National Catholic Reporter (August 24th)
African Faith Leaders Recommended "large investments" to Address Continent's Economic Crisis Association for Catholic Information in Africa (August 9th)
African Faith Leaders discuss strategies to navigate contemporary crises Vatican News (August 8th)
Godongwana may need to revise South Africa’s 2023 growth forecast IOL (July 19th)
Devex Invested: Setbacks for an ambitious plan to ease global debt woes Devex (June 13th)
Ambitious N.Y. bill takes aim at global debt woes Axios (June 12th)
How New York State Could Unlock Billions for Climate Finance The New Republic (June 9th)
Wall Street Scores Victory as NY Lawmakers Stall Vote on EM Debt Bills Bloomberg (June 8th)
New York bill would rewrite rules for sovereign debt restructurings Nikkei Asia (June 7th)
Investors brace for new law on sovereign debt workouts Financial Times (June 5th)
New York Bills That Cap Key EM Debt Payouts Rile Pimco, Fidelity Bloomberg (May 18th)
Jubilee USA Pushes NY To Enact International Debt Relief Law The Sanctuary of Independent Media (May 5th)
How the World Bank, IMF, and G20 Are Tackling Inequality, Climate Rising Up With Sonali (April 1st)
Challenged by Poor Access to External Financing, Aid, Least Developed Countries Must Mobilize Domestic Resources, Promote Investment, Speakers Stress at Doha Roundtable United Nations (March 8th)
US names pick for World Bank Arkansas Online (February 24th)
US Nominates Ajay Banga as World Bank Chief Globe Echo (February 23th)
US nominates Ajay Banga for World Bank president Associated Press, Washington Post, ABC (February 23th)
New York state bill seen aiding poor country debt relief Reuters, New York Times, Yahoo (February 17th)
China, U.S. to participate in first meeting of new debt roundtable on Feb. 17 Reuters (February 13th)
Yellen: World Bank Should Incorporate Climate, Pandemic in Fight to End Poverty West Orlando News (February 11th)
No real solutions coming from World Economic Forum in Davos National Catholic Reporter (January 23th)
