Anjoulie Woodhead

  • UN Climate Conference Agrees on Fund to Address Climate Change Impacts in Developing Countries

     

    COP27 Agreement Asserts Climate Change Results in High Debts and Development Failures

    Washington DC – Delegates from 200 countries closed this year’s UN climate summit, COP27, with an agreement to create a fund to compensate countries most vulnerable to climate change. The accord reached in Sharm el-Sheikh, Egypt, recognizes that climate-related damage contributes to growing debt burdens and hurts development in countries. 

    "During the climate conference negotiations, the concept of loss and damage refers to negative climate change impacts that include extreme weather events, rising sea levels and destruction of forests," noted Eric LeCompte, a United Nations finance expert and leader of the religious development coalition Jubilee USA Network. "A number of countries have chronic debt problems that can be traced to the growing severity and frequency of natural disasters."

    Future negotiations will determine the loss and damage fund parameters and set it in motion.

    "When wealthy countries took and consumed natural resources from developing countries to fuel industrialization, it spurred global warming and climate change impacts like rising sea levels that developing countries can't stop alone," noted LeCompte. "This new climate fund can start to repay a climate debt that wealthy countries owe to developing countries."

    Negotiators also reviewed progress on setting a new climate finance goal and reiterated the plan to finalize it by 2024. In a report commissioned by the COP presidencies of last year and this year, a group of experts estimated developing countries need $1 trillion annually to meet climate goals. Wealthy countries failed to meet a $100 billion annual climate finance commitment, promised in 2009.

    “In order to get the resources we need to fight climate change we'll need debt relief, more money from development banks and other innovative sources of aid,” added LeCompte. “This is why G20 and IMF decisions are so critical to raising the resources we need to protect our planet, lives and jobs.”

    Last year the Group of 20 decided to create $650 billion in IMF emergency currency or Special Drawing Rights. Developing countries' share was more than $230 billion and the G20 targeted $100 billion of the share wealthy economies received, to finance poorest members. Proposals on debt relief and scaling up loans from global development lenders are also on the group’s agenda. The G20 heads of state met in Bali, Indonesia, on November 15-16, while climate negotiations were still ongoing, and agreed to take action to limit temperature rises to 1.5 °C.

    “The G20 commitment to limit global warming helped the Sharm el-Sheikh negotiations at a crucial moment when continuing the target was in doubt,” shared LeCompte. 

    Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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    Available for interview: Eric LeCompte, Executive Director
    Contact: Anjoulie Woodhead, Communications and Outreach Director
    [email protected] / (202) 964-0134

     


  • Biden and 90 Other Heads of State Descend on COP27 United Nations Climate Summit

    Resources for Climate Action and Poor are Major Themes for Egypt Meetings

    Washington DC – President Biden joins ninety heads of state in Sharm el-Sheikh, Egypt, for the COP27 climate summit beginning this weekend. UN analysis finds that current action commitments fall short of reaching global warming goals made during the 2015 UN Paris Agreement.

    “This year we experienced record heat waves, floods and natural disasters. If we fail to take action to address climate change, we'll see increasingly worse impacts from the climate crisis,” stated Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “As world leaders gather in Africa, the continent most vulnerable to climate change, we see the impacts of the climate crisis on the poor and our global economy.”

    The Organization for Economic Cooperation and Development reported that in 2020 annual climate aid from developed to developing countries was $17 billion short of progress towards a $100 billion target agreed back in 2009. At the UN summit, leaders negotiate a revised climate action funding target for beyond 2025. 

    "More than half of developing countries spend a quarter of their budget on paying debt," noted LeCompte, a United Nations finance expert. "Debt relief is an important part of reaching climate action goals for countries."

    At October IMF and World Bank meetings, climate action was a critical part of discussions on debt and lending. Global leaders began a process to reform development banks to lend more for global priorities such as climate. A new IMF process also began that uses donations from wealthy countries to support long-term, cheap loans to developing countries that can support climate action.

    “The success of the climate summit is all about showing us the money,” shared LeCompte. "The bottom line is whether or not we can raise the financial contributions to address the climate crisis."

    Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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    Available for interview: Eric LeCompte, Executive Director
    Contact: Anjoulie Woodhead, Communications and Outreach Director
    [email protected] / (202) 964-0134


  • Hundreds of Billions in New Lending on the Table at Cote d’Ivoire Gathering

    World Development Banks Meet for Third Annual Summit

    Washington DC – World leaders and more than 450 development banks meet for two days on aligning loans with crisis recovery and tackling environmental challenges. The third yearly Finance in Common Summit takes place in Abidjan, Cote d’Ivoire, amidst a world economy facing multiple shocks and calls for increasing lending capacity for development banks.

    “What distinguishes this third Finance in Common from the two previous ones, is that now there are proposals to push development banks to do more,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “Development banks play an important role in crises. With the pandemic, Ukraine war, inflation, food prices and climate challenges, we will demand more of them.”

    In July, a G20-established panel of experts proposed changes to the way banks determine loan risk, assess available capital, and communicate with credit rating agencies. Frannie Léautier, Senior Partner at SouthBridge Group and CEO of SouthBridge Investments, chaired the group, comprising fourteen experts from a variety of backgrounds. According to the panel, global development banks can lend hundreds of billions more to poor countries. G20 officials met on the proposals last week.

    “The report shows a pathway to expand development bank lending dramatically,” noted LeCompte who tracks G20 policies.

    Earlier this month, Treasury Secretary Janet Yellen called for multilateral development banks to devise new approaches to respond to global challenges.

    “Development banks require reforms of their operations, practices and lending models in order to deal effectively with the current crises,” stated LeCompte.

    African Catholic bishops and religious leaders met in Accra, Ghana, last month and asserted that development banks can use more capital to provide loans in times of crisis, but they lack the resources to meet 21st century challenges. In a letter to President Biden early last year, Jubilee USA Network and the US Conference of Catholic Bishops called for significantly increasing multilateral development banks lending volumes, through a mix of increasing and improving use of capital. A similar letter was sent with more than 200 religious groups echoing the need for boosting development bank capacity.

    The G20 is working on processes for wealthy countries to disburse some of their pandemic emergency currency, or Special Drawing Rights to poor countries. The IMF created $650 billion in SDRs, to help countries respond to the pandemic, of which advanced economies received more than $400 billion. This month, the IMF initiated operations for a new lending window, the Resilience and Sustainability Trust, that will fund its loans with Special Drawing Rights aid that wealthy countries share.

    “We need to find ways to get more funding for development banks,” shared LeCompte. “Special Drawing Rights donations from wealthy countries to development banks can help us narrow the current funding gap."

    Read Jubilee USA and the US Conference of Catholic Bishops' letter to President Biden here.
    Read the African Catholic Bishops and religious leader statement here.
    Read 'The Independent Review of MDBS Capital Adequacy: Boosting MDBs’ Investing Capacity' here.
    Read Secretary of the Treasury Janet L. Yellen's remarks here.
    Find the Finance in Common webpage here.

  • Jubilee USA Statement on IMF, World Bank Annual Meetings

    Jubilee USA Statement on IMF, World Bank Annual Meetings

    Religious and Development Groups hold Press Conference at 2:15 PM, Outside IMF

    Washington DC – The International Monetary Fund, World Bank, G20 and G7 conclude meetings this week focused on the global economy. The impacts of the pandemic, Ukraine war, inflation, developing country debt, food security and climate crisis are on the agenda.

    Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who has monitored IMF meetings since 2010, releases the following statement on the IMF/World Bank Annual Meetings:

    "As a global recession looms, we must take action more quickly.
     
    "The war, rising interest rates and inflation are putting developing countries in an even more difficult situation.

    "Ahead of the meetings, the IMF reported that the US and other large economies will see contractions and this impacts the entire global economy.

    “Everyone is hurt by rising food and energy prices. The burden is greatest on the poor. 

    "I'm concerned that some of the proposed solutions of austerity and higher interest rates will cause greater pain.

    "As the dollar gets stronger, developing country debts become dangerously unsustainable."

     

    Jubilee USA, IMF and World Bank Press Conference: Friday, October 14th, 2:15 PM, Community Park, outside of the IMF. Religious and development groups respond to the IMF and World Bank Meetings and International Monetary and Finance Committee (IMFC) outcomes. View the advisory here. Link to the online and in-person press registration here.

    Find Jubilee USA's press release on the G20 meeting here.

    Find Jubilee USA's October 14th and 15th interfaith vigil, press conference and teach-in details here.

    Read Jubilee USA's press release on the World Economic Outlook and Global Financial Stability reports 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 IMF Food Shock Window here.

    Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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    Available for interview: Eric LeCompte, Executive Director
    Contact: Anjoulie Woodhead, Communications and Outreach Director
    [email protected] / (202) 430-6975


  • Jubilee USA Statement on G20 Finance Ministers Meeting

    G20 Finance Ministers Struggle With Economic Slowdown, Global Recession and Highest Inflation in Forty Years

    Washington DC – G20 finance ministers conclude their meetings during the Annual IMF and World Bank Meetings. The ministers focused on the pandemic, Ukraine war and inflation shocks to the global economy, debt vulnerabilities in developing countries, food insecurity and the climate crises. 

    Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who has monitored G20 and IMF meetings since 2010, releases the following statement on the G20 finance ministers meeting:

    "The G20’s internal rifts prevent the group from responding to multiple crises.

    "As interest rates rise to tackle inflation we could see a number of disorderly defaults in developing countries.

    "The financial system does not have the tools to deal with multiple debt crises.

    "The G20 debt relief process has not, yet, passed key tests showing it can be speedy, reduce debt and involve the private sector.

    "Beyond the progress on Zambia’s debt restructuring, which comes with significant delay, none of the signals the G20 provided today would encourage borrowers facing debt crisis to use the Common Framework.

    "IMF penalty rates for countries taking loans should be suspended when so many countries need these loans for shocks that fall outside of their control.

    "Food price inflation and the pandemic shocks led to a rise of 200 million people going hungry in the last two years.

    "The IMF Food Shock Window that expands cheap loans to deal with the food crisis is important, but only a temporary and limited relief measure.

    "The G20-commissioned expert group made proposals to expand development bank lending.

    "It's up to the G20 to decide which proposals to implement that could yield hundreds of billions of dollars to respond to global challenges. 

    "The G20 gave the green light to the Resilience and Sustainability Trust to provide long-term, cheap loans for pandemic and climate reforms in poor countries.

    "Wealthy countries can donate their Special Drawing Rights to the Resilience and Sustainability Trust.

    "With the Trust already in place, the G20 should focus on similar Special Drawing Rights funding to expand development bank lending."

     

    Join us for a Jubilee USA, IMF and World Bank Press Conference: Friday, October 14th, 2:15 PM, Community Park Outside of IMF, view advisory and online and in-person press registration. (Link to registration here).

    Find Jubilee USA's October 14th and 15th interfaith vigil, press conference and teach-in details here.

    Read Jubilee USA's press release on the World Economic Outlook and Global Financial Stability reports 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 IMF Food Shock Window here.

    Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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    Available for interview: Eric LeCompte, Executive Director
    Contact: Anjoulie Woodhead, Communications and Outreach Director
    [email protected] / (202) 430-6975


  • Ahead of Annual IMF and World Bank Meetings, IMF Forecasts Lower Growth

    Continuing War, Pandemic, Inflation Drive Up Fears of Global Recession

    Washington DC – As world leaders arrive for G7, G20, IMF and World Bank Meetings, the IMF downgraded economic growth to 2.7%. As the global economy grapples with the Ukraine war, pandemic, a food crisis and inflation, the IMF warns of recession in two reports.

    "It seems likely that we are heading into a recession,” said Eric LeCompte, the Executive Director of the development organization Jubilee USA Network. "The US and other large economies will see contractions and this impacts the entire global economy.”

    The released flagship IMF World Economic Outlook report considers that rising interest rates could trigger more debt crises in developing countries. 

    "As the dollar gets stronger, developing country debts become dangerously unsustainable,” added LeCompte. "The war and rising interest rates are putting developing countries in an even more difficult situation."

    In its Global Financial Stability Report, the IMF stated that the persistence of inflation is a challenge the world economy has not faced in decades.

    "The combination of high inflation and recession deeply affects the poor,” stated LeCompte. "Some of the proposed solutions of austerity and higher interest rates will cause pain."

    In a chapter devoted to climate finance, the report indicated that developing countries will need $300 billion a year just to adapt to the impacts of climate change, a figure that may grow larger by 2050.

    "We need to protect our planet and we need to limit the economic losses posed by climate change," shared LeCompte.

    On Wednesday, G7 and African finance ministers meet and on Thursday, G20 finance ministers. The IMF and World Bank main policymaking bodies meet on Friday.

    Read the full World Economic Outlook Report here.

    Read the full Global Financial Stability Report here.

    Read Jubilee USA's statement on the IMF World Economic Outlook report here.

    Read Jubilee USA's statement on the Global Financial Stability 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 IMF Food Shock Window here.

    Find Jubilee USA's full list of this week's events here.

    Find Jubilee USA's October 14th and 15th interfaith vigil, press conference and teach-in details here.

    Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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    Available for interview: Eric LeCompte, Executive Director
    Contact: Anjoulie Woodhead, Communications and Outreach Director
    [email protected] / (202) 430-6975


  • Jubilee USA Statement on IMF Global Financial Stability Report

    Unseen in Decades, Inflation Challenges Global Economy

    Washington DC  The IMF releases the Global Financial Stability Report and raises global concerns over inflation, climate and recession.

    Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF meetings since 2010, releases the following statement on the IMF Meetings and the Global Financial Stability Report:

    "As central banks in leading economies act to tame inflation, we see ripple effects on the debts of developing countries.

    "The combination of high inflation and recession deeply affects the poor.

    "Developing countries will need $300 billion a year just to adapt to the impacts of climate change, a figure that may grow larger by 2050."

    Read the full Global Financial Stability Report 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 IMF Food Shock Window here.

    Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

    ###

    Available for interview: Eric LeCompte, Executive Director
    Contact: Anjoulie Woodhead, Communications and Outreach Director
    [email protected] / (202) 430-6975


  • Jubilee USA Statement on IMF World Economic Outlook Report

    Continuing War, Pandemic, Inflation Drive Up Fears of Global Recession

    Washington DCAs world leaders arrive for the Annual IMF and World Bank Meetings, the IMF releases its flagship World Economic Outlook report. The IMF downgraded economic growth to 2.7%, as the world economy grapples with the Ukraine war, pandemic, a food crisis and inflation.

    Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF meetings since 2010, releases the following statement on the IMF Meetings and World Economic Outlook Report:

    "It seems likely that we are heading into a recession.

    "The US and other large economies will see contractions and this impacts the entire global economy.

    "The war and rising interest rates are putting developing countries in an even more difficult situation.

    “Rising food and energy prices hurt everyone, in particular the poor. 

    "Some of the proposed solutions of austerity and higher interest rates will cause pain.

    "As the dollar gets stronger, developing country debts become dangerously unsustainable."

    Read the full 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 IMF Food Shock Window here.

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    Available for interview: Eric LeCompte, Executive Director
    Contact: Anjoulie Woodhead, Communications and Outreach Director
    [email protected] / (202) 430-6975


  • published Jubilee, IMF and World Bank Events in Press 2022-10-10 11:59:28 -0400

    Jubilee, IMF and World Bank Events

    October 12, 2022 | 8:30–10:00 am ET (12:30–2:00 pm GMT)

    Engaging Africa Faith-Based Institutions for Africa's Inclusive Economic Recovery 

    Caritas Africa and its partners have mobilized faith-based institutions in Africa to campaign for Africa’s inclusive economic recovery from the multiple crises. The session seeks to raise concerns and facilitate policy dialogue on debt management, concessional financing and equitable deployment of special drawing rights to aid speedy and transformative recovery.

    Caritas Africa's Manager for the Africa Inclusive Economic Recovery Campaign, Samuel Zan Akologo, moderates a panel with Frank Schneider, Development Finance Specialist, Development Finance Division, German Ministry of Finance, Most. Rev. Sithembele Anton Sipuka, Bishop of the Diocese of Mthatha, South Africa, and former Vice President, Symposium of Episcopal Conferences of Africa and Madagascar, Eric LeCompte, Executive Director, Jubilee USA Network, Lucy Esipila, Policy and Advocacy Officer, Caritas Africa, Charles Chilufya, S.J., Rev. Fr., Director, Jesuit Justice and Ecology Network Africa, Andrew John Tiffin, Senior Economist at the African Department, IMF

    Sponsors: Caritas Africa, Jubilee USA Network

    Location: World Bank "I" Building, Room I 2-220, 1850 I St NW, Washington, DC 20006

    Registration to the World Bank/IMF Annual Meetings will be required to access the premises. No registration is needed to access the livestream, available at: https://www.worldbank.org/en/events/2022/06/16/civil-society-policy-forum-annual-meetings-2022#:~:text=Furthermore%2C%20the%20WBG%2DIMF%20Annual,here%20to%20access%20the%20form

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    October 14, 2022 | 4:30–6:00 pm ET (8:30–10:00 pm GMT)

    International Financial Architecture Reform for a Fair Debt Crisis Resolution

    The number of countries struggling with the worst debt crisis in decades is increasing. There is global consensus that the international financial architecture is failing to deliver a timely, fair and comprehensive debt treatment to those countries that need it. However, there is no agreement on the direction that reforms of the financial system and debt architecture should take. The experienced and distinguished panelists will discuss a range of proposals for reform, and how they could and should be delivered. They will also take questions and comments from the floor.

    Reuters' Senior Correspondent, Andrea Shalalmoderates a panel with Mathew Martin, Director, Development Finance International, Patricia Miranda, Global Advocacy Director, Latindadd, Guillaume Chabert, Director of the Strategy, Policy, and Review Department (SPR) of the IMF, Marcello Estevao, Global Director, Macroeconomics, Trade & Investment at the World Bank

    Sponsors: ActionAid International, African Forum and Network on Debt and Development (AFRODAD), Asian People’s Movement on Debt and Development (APMMD), CAFOD, Center for Economic and Social Rights, Christian Aid, Debt Justice Norway, Debt Justice UK, Global Policy Forum, Jubilee USA Network, Norwegian Church Aid, Red Latinoamericana por Justicia Económica y Social (Latindadd), Society for International Development, Third World Network, ESCR-Net, European Network on Debt and Development (EURODAD)

    Location: IMF HQ2-03B-768B, 1900 Pennsylvania Avenue NW, Washington, DC 20431

    Registration to the World Bank/IMF Annual Meetings will be required to access the premises. No registration is needed to access the livestream, available at: https://www.worldbank.org/en/events/2022/06/16/civil-society-policy-forum-annual-meetings-2022#:~:text=Furthermore%2C%20the%20WBG%2DIMF%20Annual,here%20to%20access%20the%20form

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    October 14, 2022 | 10:00 am–5:15 pm ET 

    October 15, 2022 | 9:00 am–12:30 pm ET 

    Jubilee USA Interfaith Vigil, Press Conference and Teach-in

    Join us on Friday, October 14th for a vigil, teach-in and press conference outside of the IMF, World Bank and G20 Meetings. Hear how religious and community leaders from around the world are working for a Jubilee. On Saturday morning, October 15th, we will bring thousands of paper chains to the IMF calling for debt relief and economic aid.

    A full schedule is available here: https://www.jubileeusa.org/imf_world_bank_annual_meeting_mobilization_22

    Location: Edward R. Murrow Park

    Register by clicking here. If you have any questions feel free to contact [email protected] or anjoulie@jubileeusa.org. To stay up to date on these events, visit our website at: https://www.jubileeusa.org/imf_world_bank_annual_meeting_mobilization_22


  • African Bishops Call for Debt Relief and Aid to Address Multiple Crises

    Statement Precedes G7, African Finance Ministers and IMF Washington Meetings

    Washington DC – G7 and African finance leaders should work together to remove the heavy burdens of debts in Africa, Catholic bishops and other faith leaders from the region said in Accra, Ghana, at the end of a two-day meeting. Representing churches in Cameroon, Cote d’Ivoire, Kenya, Ghana, Liberia, Nigeria, Senegal, Togo and South Africa, the dignitaries discussed the effects and responses to the pandemic, Russia-Ukraine war, food inflation and rising interest rates shocks in Africa.

    “Less than three years after the biggest global recession in a century, the threat of recession looms again,” the bishops said. “Budget shortfalls and unpayable debts have reduced the room for our countries to take the actions needed to protect the most vulnerable and restore prosperity.”

    On October 12th, G7 and African finance ministers will meet on the sidelines of the IMF/World Bank Annual Meetings in Washington DC. Debt, aid and future solutions for debt crises will be on the agenda.

    "Africa's religious leaders see the suffering of their people and are calling on world leaders to provide the debt relief and aid needed to fight high food costs and the shocks from the pandemic," shared Eric LeCompte the Executive Director of the religious development group Jubilee USA Network. Jubilee USA works with faith leaders on pandemic and crisis response. "If we are to address global poverty, we need to address the debt and economic structures that are causing poverty around the world."

    The African prelates recalled Popes John Paul II and Francis’ support for debt relief and asked for debt relief assessments to enshrine the principle that human development and climate investments come before debt payments.

    “G7 countries, as key debt governing jurisdictions, should pass domestic legislations that prevent private creditor litigation from undermining international debt relief efforts,” added the bishops.

    Under legislation currently before the New York State Assembly, private creditors would have to join international debt relief deals signed by public creditors. Jubilee USA supports the legislation, and is working with counterparts in key G7 jurisdictions to implement similar initiatives.

    The faith leaders also highlighted the importance of the $650 billion in Special Drawing Rights – an emergency currency the IMF creates – released last year for pandemic crisis relief. They called on rich countries to transfer a significant portion of their share of SDRs to African countries.

    “We want to highlight the enormous potential in [the] region of rechanneling through the African Development Bank,” faith leaders said.

    The African Development Bank is one of the lenders seeking to fund new loans to its members with rich-country SDR contributions. The G20 committed to a global objective of $100 billion rich-country SDRs to countries in need.

    Read the full African Catholic Bishops and religious leader statement here.


  • IMF Predicts Global Economy to Lose $4 Trillion

    "Senseless War," Pandemic and Inflation Threaten Economy, Warns IMF Chief Ahead of World Leader Meetings

    Washington DC – The global economy is more fragile noted IMF Managing Director Kristalina Georgieva. In her curtain-raiser speech ahead of the IMF and World Bank Annual Meetings, Georgieva predicted a $4 trillion global loss through 2026.

    “Most of us already feel like we are experiencing a recession," said Eric LeCompte the Executive Director of Jubilee USA Network who has monitored IMF policy since 2010. “Before the pandemic, most of the world's countries were facing economic crises. Since the pandemic, we had three years of crisis after crisis and the world is facing recession."

    According to Georgieva, growing debt vulnerabilities in emerging developing economies and more than 60% of low-income countries raise the risk of a widening debt crisis that harms populations and global growth. The IMF chief urged a quicker implementation of a G20 debt relief process known as the Common Framework for Debt Treatments Beyond the Debt Service Suspension Initiative.

    “Debt relief processes are moving too slow,” stated LeCompte, a United Nations finance expert. "The debt relief processes that we have don't even cover all of the countries in dire need of relief."

    Referring to food insecurity that now affects more than 345 million people worldwide, Georgieva said that a food emergency financing window that the IMF unveiled last week will help the most affected countries.

    “The IMF acted rapidly to support countries facing rapidly rising food bills, but we should not forget these are still loans for countries facing too much debt,” stated LeCompte. 

    Watch the curtain-raiser speech here.

    Read Jubilee USA's press release on the IMF Food Shock Window here.

    Find Jubilee USA's full list of upcoming events here.

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    Available for interview: Eric LeCompte, Executive Director
    Contact: Anjoulie Woodhead, Communications and Outreach Director
    [email protected] / (202) 430-6975


  • Hurricane Fiona Damage Adds to Puerto Rico Aid Needs, Debt Woes

    Washington DC  Hurricane Fiona caused floods and cut power across Puerto Rico as more than 2 feet of rain fell on the island. The category 1 storm - which strengthened to category 3 after hitting the island - comes five years after Hurricanes Maria and Irma led to 3,000 deaths and more than $100 billion in damages. Since then, Congress allocated $55 billion in disaster aid. The aid is still not fully disbursed and deployed. Additional recovery needs for Hurricanes Maria and Irma are estimated at $50 billion.  

    “Fiona is the latest disaster to hit Puerto Rico,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. Jubilee USA Network has worked on debt and disaster relief efforts for the island since 2015. “Puerto Rico will need more aid to address the damages from Hurricane Fiona, the island's child poverty crisis and recovery from previous disasters."

    In March, Puerto Rico concluded a bankruptcy process that took over four years and yielded cuts of about 50% of the island's $72 billion debt. In a statement, 26 Puerto Rico and US religious leaders welcomed the agreement but laid out a comprehensive economic agenda needed to prevent future debt crises. The plan includes building quality and sustainable infrastructure.

    “Storms will continue to strike Puerto Rico and the electricity grid must be repaired to withstand future storms," stated LeCompte. "While debt relief for Puerto Rico is helpful, not enough debt was cut for Puerto Rico to be prepared for situations like Hurricane Fiona."

    The religious leaders’ Puerto Rico plan calls for expanding manufacturing jobs, increasing disaster relief and winning the same funding as US states receive for nutrition, child poverty, health, disability and tax relief programs.

    Read Religious Leaders Statement on Puerto Rico Debt Deal and Way Forward here.

    Read Jubilee USA's Press Release on US and Puerto Rico Religious Leaders Statement here.

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    Available for interview: Eric LeCompte, Executive Director
    Contact: Mizraim Belman Guerrero, Communications and Outreach Director
    [email protected] / (202) 430-6975