Anjoulie Woodhead

  • World Leaders Wrap Up Week of Talks at G20, IMF and World Bank Annual Meetings

    IMF Calls Global Economy "Underwhelming" with Low Growth and High Debts and Prices

    Finance ministers from all over the world close a week of talks focused on the global economy, unsustainable country debts and climate challenges. The IMF forecast global economic growth at 3.2% annually, a decades low and what the Fund called, "underwhelming." 

    “We heard a lot of messages during the meetings that the economy was strong, but the weak economic growth projections haunted the meetings,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF meetings since 2010. "The forecasts for Africa and the Middle East were awful and are coupled with high youth unemployment and food crises." 

    The low growth and high debt is an “unforgiving combination,” said the IMF Managing Director Kristalina Georgieva in her curtain-raiser speech.

    “The IMF and G20 should not treat what is happening as a short-term debt payment problem. We are experiencing the most significant global debt crisis in decades,” added LeCompte. “Our failure to act now on debt crisis solutions means more difficult and expensive debt problems in the future.”

    The World Bank reports that deficits in the average low-income country doubled, becoming the main driver of high indebtedness. In the poorest of those countries, average income remains 14% below their pre-pandemic levels.

    G20 Finance ministers, in their last meeting under the Brazilian Presidency, endorsed a plan to expand the funding capacity of development banks. Reforms agreed this year will increase development bank finance by $35 billion a year, about one-eighth of what experts commissioned by the group said was needed.

    "Brazil's G20 Presidency set a path to reach climate and development targets," shared LeCompte. "The questions are how long will it take for the G20 to follow that path and whether the world has enough time to wait."

    While the G20 managed to deliver a consensus statement, the policymaking bodies of the IMF and the World Bank did not.

    "War and conflicts continue to make it difficult for world leaders to forge agreements,” commented LeCompte. 

    Decisions announced at the IMF meetings included increasing IMF zero-interest rate lending and the reduction of IMF interest rates on large, long-term emergency loans.

    Read Jubilee USA's statement on the Development Committee meeting here

    Read Jubilee USA's statement on the IMFC meeting here.

    Read Jubilee USA's statement on the G20 ministerial meeting here.

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

    Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here


  • Jubilee USA Statement on Development Committee and IMF/World Bank Meetings

    The IMF and World Bank's Development Committee, a major policymaking body for the institutions, met in Washington, DC in the context of the IMF and World Bank Annual meetings. The Development Committee and the IMF and World Bank meetings focused on growth, debt, inflation, expanding development bank finance and aid, responses to pandemics, climate and food crises.

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

    “While reports this week noted the global economy’s resilience, incomes in the poorest countries are still 14% lower than before the pandemic.

    “World Bank members are looking hard at what its role should be in supporting the investments needed to reduce poverty.

    “Since many countries are mired in debt, they have limited capacity to protect their most vulnerable in the face of multiple crises.  

    “For the second year in a row, development bank finance is essentially going to pay debts held by private creditors.

    “This year donors to the International Development Association are negotiating new pledges. The pledges so far are disappointing."

    Read Jubilee USA's statement on the IMFC meeting here.

    Find information on Jubilee USA's IMF/World Bank Annual Meetings events here.

    Read Jubilee USA's statement on the G20 ministerial meeting here.

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

    Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here


  • Jubilee USA Statement on IMFC Press Briefing and IMF Meetings

    The International Monetary Fund and World Bank conclude their Annual Meetings on Saturday. The International Monetary Financial Committee, the IMF policymaking body, met on Friday on the global economic situation, debt, fiscal constraints, inflation, the climate crisis, wars and other challenges.

    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 IMFC Chair's statement and the IMF Meetings:

    “We heard a lot of messages during the meetings that the economy was strong, but the weak economic growth projections haunted the meetings.

    "Low economic growth coupled with high debt remains a recipe for crisis in developing countries.

    “War and conflicts take too many human lives and prevents cooperation and decisions on global economic agreements.

    “There was little progress for many developing countries struggling with unpayable debts and multiple crises.

    “Failure to act on debt crisis solutions now, unfortunately means more difficult and costlier debt problems in the future.

    “The IMF debt sustainability methodology – that signals when a country should seek restructuring – desperately needs upgrading.

    “There were positive steps in the doubling of IMF zero-interest rate lending and the reduction of the additional interest the IMF charges on large, long-term emergency loans.

    “Bolder actions are needed to deal with the debt crises in low- and middle-income countries.”

    Find information on Jubilee USA's IMF/World Bank Annual Meetings events here.

    Read Jubilee USA's statement on the G20 ministerial meeting here.

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

    Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here


  • Jubilee USA Statement on G20 Finance Ministers Meeting During the IMF and World Bank Annuals

    G20 finance ministers met on global economic growth, debt, hunger, poverty, climate and expanding development bank aid to face multiple crises. 

    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 during the IMF and World Bank Meetings: 

    “The G20 focused on rising debt payments for developing countries.

    "The G20 should not treat what is happening as a short-term debt payment problem. We are experiencing the most significant global debt crisis in decades.

    "There is agreement that rising borrowing costs faced by poor countries is a big factor in recurring debt crises.

    "If we don't agree on a faster and more effective debt relief process, we will experience recurring debt crises that impact economies of developed and developing countries.

    "The group agreed on reforms that will increase development bank finance by $35 billion a year.

    "Brazil's G20 Presidency set a path to reach climate and development targets. The question is how long will it take for the G20 to follow it and whether the world has enough time.

    "An important outcome was connecting some global development reforms to track poverty reduction.

    "We hoped to see more consensus on debt swap frameworks. That was low hanging fruit.

    "The Brazilian G20 Presidency effectively shed light on the need for taxation of the ultra-wealthy.

    "Tax measures gained broader support at the G20 this year.

    "The G20 managed to make some decisions on global economic issues but war and conflict continue to make it difficult to reach consensus."

    Find Jubilee USA IMF and World Bank Annual Meetings event details 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


  • published IMF WEO Jubilee Statement in Press 2024-10-22 15:06:03 -0400

    IMF WEO Jubilee Statement

    As world leaders arrive in Washington, DC for the IMF and World Bank Annual Meetings, the IMF releases its flagship World Economic Outlook report, where it forecasts growth as, "underwhelming" for 2024 and 2025 at 3.2%.

    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:

    “Global economic growth is still forecasted to be below pre-pandemic levels.

    “Growth projections for the Middle East and Sub-Saharan Africa worsened, with climate, conflict and civil unrest impacting their economies.

    “The IMF says many developing countries face challenges with paying their debts.

    "The IMF reiterated that many countries will need debt restructuring."

    Read the full World Economic Outlook Report here.

    Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here

    Find Jubilee USA's IMF and World Bank Annual Meetings events here


  • published IMF/World Bank 2024 Annual Meeting Events in Press 2024-10-18 13:39:17 -0400

    IMF/World Bank 2024 Annual Meeting Events

    Jubilee 2025: Time for Religious Values to Inform Debt and Global Finance Architecture in Africa

    October 25, 2024 | 8:30 - 10:00 am ET

    Eric LeCompte
    Executive Director, Jubilee USA Network

    Lucy Esipila
    Executive Secretary, Caritas Africa

    Alhaj Ahmed Abajobir
    Country Director, Islamic Relief Ethiopia

     Bishop Rose Nereya Ayiemba Okeno
    Fourth Diocesan Bishop, ACK Diocese of Butere, Anglican Church, Kenya

    Rev. Cyril Fayose
    General Secretary of the Christian Council of Ghana

    As 2025 has been declared a Jubilee year, African faith-based groups and leaders champion policy proposals for a debt and development finance architecture that makes Jubilee’s promise of hope and renewal a reality. The event facilitates religious groups’ dialogue on their value-based approach to these issues with finance authorities. This webinar is the second event in the Road to Jubilee 2025 webinar series.

    Sponsors: All Africa Conference of Churches, Caritas Africa, Islamic Relief, Jesuit Justice and Ecology Network Africa, Jubilee USA Network, Bread for the World

    Location: WBG I 2-220

    Registration to the World Bank/IMF Spring Meetings will be required to access the premises. No registration is needed to access the livestream, available at: https://www.worldbank.org/en/events/2024/06/26/civil-society-policy-forum-annual-meetings-2024#1

    A Tale of Two Emergencies: Debt Policies of International Financial Institutions and Fiscal Injustices from a Global South Perspective

    October 25, 2024 | 1:30 - 3:00 pm ET 

    Jason Rosario Braganza
    Executive Director, Afrodad

     Jane Nalunga
     Executive Director, SEATINI

     Eric LeCompte
    Executive Director, Jubilee USA Network

     Samantha Kanoyangwa
    Coordinator, African Sovereign Debt Justice Network

     Mark Flanagan
    Deputy Director, Strategy, Policy, and Review Department, IMF

    Debt policies by the international financial institutions have attracted intense controversy over the past decades, exemplified most recently by the popular discontent expressed in most of the Global South countries following several rounds of austerity measures proposals. Situating the Global South financial crisis, the session will explore how to effectively solve the debt and fiscal conditionality crises in a way that will allow these countries to advance development goals.

    Sponsors: La Red Latinoamericana por Justicia Económica y Social (LATINDADD), African Forum and Network on Debt and Development – AFRODAD, Eurodad, The Asian Peoples' Movement on Debt and Development (APMDD) and Jubilee USA Network

    Location: IMF HQ2-03B-768

    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/94315177099?pwd=SBsrwZbSO71z5MpaC4HOEG416vAQGM.1

    Pretend and Extend, or #CancelTheDebt? A Fork in the Road for the Debt Crisis

    October 25, 2024 | 5:30 - 7:00 pm ET 

    Patricia Miranda 
    Global Advocacy Director, LATINDADD

    Matthew Martin
    Director, Development Finance International

    Martín Guzmán
     Professor of Economics, Columbia University

    Hassan Sherry
    Senior Program and Research Officer, Arab NGO Network for Development

    Allison Holland
    Assistant Director and Division Chief, SPR Department IMF

    The IMF insists there is no ‘systemic’ debt crisis requiring debt cancellation, but rather a ‘liquidity crisis’ requiring debt rescheduling. Civil society argues the opposite. What empirical bases best assess the extent of the crisis? What are the costs and risks of debt rescheduling and preemptive or post-default restructurings?

    Sponsors: La Red Latinoamericana por Justicia Económica y Social (LATINDADD), African Forum and Network on Debt and Development – AFRODAD, Arab NGO Network for Development (annd), Arab Watch Coalition, Budget Advocacy Network (BAN), SLUG - Debt Justice Network Norway, Debt Justice, Development Finance International (DFI), Eurodad, The Initiative for Social and Economic Rights (ISER), MENA Fem Movement for Economic, Development and Ecological Justice, Oxfam and Jubilee USA Network

    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/94281756423?pwd=RuWPaCfkXpHI1SVOElltYJ5rvc8o1H.1


  • published Petition G7/G20 Finance Ministers in Press 2024-10-18 11:25:11 -0400

    Petition G7/G20 Finance Ministers

    Petition to G7 and G20 Finance Ministers signed by 106 African Religious Leaders from 19 countries. Read the letter here.


  • IMF Forecasts Low Growth, High Debts and Prices

    Ahead of IMF, World Bank and G20 Meetings, IMF Head Delivers Views on Global Economy

    "...our forecasts point to an unforgiving combination of low growth and high debt—a difficult future," stated IMF Managing Director Kristalina Georgieva speaking ahead of the Annual Meetings of the IMF and World Bank. Georgieva noted that public debt is higher than before the pandemic and in spite of declining inflation, prices remain high.

    “While we experience lower inflation, prices for groceries will remain high for all of us,” said Eric LeCompte the Executive Director of Jubilee USA Network who attends the meetings. “Not enough jobs, high debt payments and food prices are impacting the poor the most.”

    The role of the IMF in debt relief and restructurings will be on the agenda at the meetings. In June, Pope Francis called for urgent action on debt forgiveness and new international vehicles to address debt crises, in the lead up to the Jubilee 2025 year.

    "Debating solutions for debt crises, that affect most developing countries, dominates the agenda of the upcoming meetings," shared LeCompte.

    Georgieva noted that expanding conflicts could destabilize markets and economies and countries are making hard choices to address climate change or poverty.

    "In addition to the loss of life because of war, there is a global human cost as war derails cooperation for global agreements on poverty, jobs and climate issues," explained LeCompte. "Georgieva stressed the stark choices that too many countries face to pay debt, address climate challenges or build schools."

    Delivering her first curtain-raiser speech since members appointed Georgieva to a second term at the helm of the institution, she raised the need to regulate artificial intelligence as it could have a role in managing aspects of the global economy.

    "Given artificial intelligence is being raised as a way to strengthen the economy, it is crucial that all of us participate in the decisions of if, how and where AI is used and who controls AI," said LeCompte. 

    Pope Francis addressed the recent G7 Summit on the ethical implication of artificial intelligence.

    The managing director's speech alluded to recent IMF decisions lowering high surcharges that countries pay on loans and increasing capacity to lend at zero percent interest rate to the poorest countries.

    “Surcharges punish countries experiencing a crisis,” noted LeCompte. “The decision to lower the surcharges is a necessary step, but more action on surcharges is needed.”

    Read Kristalina Georgieva's curtain-raiser speech here.

    Read Pope Francis' June address on the focus of Jubilee 2025 here.  

    Read Jubilee USA Network and Friedrich-Ebert-Stiftung New York Office's "Debt Sustainability Assessments and their Role in the Global Financial Architecture" paper series here


  • Nobel Laureate, Former Economy Minister and Economic Experts Propose Improving IMF and World Bank Debt Analysis

    Experts Present a Series of Papers to IMF Executive Directors Ahead of Annual Meetings

    Nobel Prize-winning economist Joseph Stiglitz and former Argentina Economy Minister Martin Guzman authored a study to improve how the IMF and World Bank analyze debt problems. The paper is part of “Debt Sustainability Assessments and their Role in the Global Financial Architecture,” a four-part series to appear as chapters in a book this fall. The papers are commissioned by the religious development group Jubilee USA Network and German foundation Friedrich-Ebert-Stiftung. The studies were presented to IMF and World Bank executive directors on September 5th, 2024.

    The IMF and World Bank conduct debt sustainability analyses that guide prevention and solutions for debt crises. The experts assert that recent debt restructurings like those in Zambia, Sri Lanka and Ghana, faced delays because of differences among private creditors and the IMF and World Bank debt analysis.

    “Too often debt sustainability analysis doesn't  provide the full picture to deal with the economic challenges that most countries face,” said Eric LeCompte, Executive Director of Jubilee USA Network. “These technical debt assessments impact all of us. The devil is in the details and current debt analysis underestimates debt crises, leads to failed recoveries or inflicts harm on the people of a country already in crisis."

    The series of papers are written by experts familiar with debt sustainability. In addition to the paper from Stigltz and Guzman, other paper authors include Sherillyn Raga, Matthew Martin and Gail Hurley. These authors focused on economic shocks such as pandemics and weather events, the sustainable development and climate goals and accountability to affected populations.

    “If debt analysis includes preparing for economic shocks, addressing climate changes and how people are fully impacted, we can better prevent and solve crises,” added LeCompte who serves on United Nations finance expert groups.

    The IMF initiated a review of its methodology to assess debt in low-income countries. Pope Francis declared 2025 is a Jubilee year, calling for the forgiveness of unpayable debts and an international process to deal with debt crises.

    Read the Debt Sustainability Assessments and their Role in the Global Financial Architecture paper series here.


  • Pressure Mounts to Address Global Debt Crises as G20 Finance Ministers Meet

    Rio de Janeiro Gathering Expected to Advance Development Bank, Tax and Climate Measures

    G20 finance ministers begin their third meeting under this year’s G20 Brazilian Presidency. Debt, development bank reforms and tax measures to fund programs to address hunger, poverty and climate change will be center on the agenda.

    "The meetings takes place as growing debt crises mean that too many countries are failing to spend on the needs of their people," noted Eric LeCompte who leads the religious development group, Jubilee USA Network. "Developing countries need debt relief, aid and ways to raise more revenue."

    A UN report found that 45 developing countries spend more on debt service than on health. In Kenya, violent protests erupted after the government attempted to raise taxes to meet debt payments and continue more than a month later. Addressing impacts of climate change is a focus during G20 meetings as the international community finalizes funding targets during climate negotiations over the next year.

    "The G20 is largely responsible for setting the targets and raising the money we need to address climate change and poverty," noted LeCompte who serves on United Nations debt expert groups. "We need better global debt, tax and aid policies to end global poverty and heal our planet."

    Multilateral development bank funding and international tax agreements to increase taxes on the extremely wealthy are on the G20 agenda.

  • Africa Religious Leaders: Debt Forgiveness Key to Region’s Economic Renewal

    Interfaith Africa Leaders Call for Changes to Global Economy during Jubilee 2025

    Ahead of the Jubilee 2025 year that faith communities are celebrating worldwide, African interfaith leaders called for debt forgiveness and processes to support economic development. Representing Catholic, Anglican, Lutheran and other Christian denominations, Muslims, national councils of churches, interreligious councils across 13 countries in Africa and regional religious organizations, the dignitaries released a statement to the G20, G7, United Nations, IMF and World Bank decisionmakers.

    “Our countries … face again agonizing choices between spending and investing on their people and paying their creditors,” said the Africa religious leaders in their statement.“This year alone, Africa will spend $90 billion servicing public debt. Yet, the average African country’s combined spending on health, education and social protection is two-thirds of their debt payments.”

    The religious leaders recalled the work of faith communities 25 years ago during the Jubilee 2000 year which led to the largest ever collective debt relief initiative. The Heavily Indebted Poor Countries/Multilateral Debt Relief Initiative (HIPC/MDRI) mobilized more than $130 billion in debt relief in 38 countries.

    “Former President Julius Nyerere, of Tanzania, was among the first African political leaders raising their voices to question the need to put debt above the lives of our children,” said Rev. Canon Makunzo Moses Matonya, Secretary General of the Christian Council of Churches in Tanzania. “Unfortunately, we have seen debt rise to levels where we have to face that question again.”

    Since 2010, African countries’ interest payments more than doubled, as a percentage of their revenue. At the same time, their combined spending on health, education, social protection and climate amount to two-thirds of debt payments.

    “Early in the millennium, debt relief freed the fiscal space for important poverty reduction investments,” said Bishop Matthew Hassan Kukah, of the Catholic Diocese of Sokoto, in Nigeria. “An important focus for us, as then, is that we have good governance safeguards to protect public participation and accountability in the use of those funds.”

    Faith leaders in Africa have become increasingly vocal as the continent faces the effects of multiple crises.

    “We have allowed a divorce between traditional economic approaches and spiritual values,” said Sheikh Ibrahim Lethome, of the Supreme Council of Kenya Muslims. “As faith leaders, we have a role in guiding our communities so they can make those connections.”

    The faith leader statement called for responsible lending and borrowing principles, debt contract clauses that share climate and other risks, and additional sources of finance that do not create debt in order to prevent new high indebtedness cycles.

    “While we have moved forward critical debt relief and aid, we still need need improvements in debt relief and aid processes,” said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network, and a co-organizer of the convening of African leaders. “If we had the debt policies and institutions religious leaders called for 25 years ago, we would have tools to help address the climate and poverty crises.”

    Read the Africa Religious Leaders' "Heralding a Debt Jubilee in 2025" statement here.


  • Interfaith Africa Religious Leaders "Heralding a Debt Jubilee in 2025" Statement

    African interfaith leaders meeting convening in Kigali, Rwanda issued a statement calling for forgiving debts, implementing responsible lending and borrowing principles, mainstreaming risk sharing between creditors and debtors in debt contracts and scaling up access to resources for development in non-debt-creating and affordable terms.

    Read the statement here.


  • How to Ensure Debt Sustainability Accelerates Sustainable Development

    Jubilee USA partnered with Friedrich-Ebert-Stiftung New York to publish How to Ensure Debt Sustainability Accelerates Sustainable Development, by Matthew Martin.

    The paper was the third to launch as part of a series that gathered practitioners to write on the theme "Debt Sustainability Assessments and their Role in the Global Financial Architecture." The papers will be chapters in a report to appear later in the summer. 

    How to Ensure Debt Sustainability Accelerates Sustainable Development, by Matthew Martin

    A new study by Matthew Martin makes the case for why and how to adapt DSAs to National Sustainable Development Plans and National Defined Contributions and Adaptation Plans to confront the climate crisis.

    The paper addresses three key challenges: adapting DSAs 1) to overall SDG spending needs, 2) to meet urgent environmental crises, including climate change, nature and biodiversity collapse, and the rising incidence of natural disasters, and 3) to meet social crises produced by rising inequality and poverty, as well as pandemics. Mindful of the need for feasible and immediately actionable recommendations, the study has been based on close consultation with civil society experts and representatives of governments and international organizations

    Find the webpage for the "Debt Sustainability Assessments and their Role in the Global Financial Architecture" series here.


  • How Transparency Makes Debt Sustainability Analyses a Trusted and Effective Tool

    Jubilee USA partnered with Friedrich-Ebert-Stiftung New York to publish How Transparency Makes Debt Sustainability Analyses a Trusted and Effective Tool, by Gail Hurley

    The paper was the second to launch as part of a series that gathered practitioners to write on the theme "Debt Sustainability Assessments and their Role in the Global Financial Architecture." The papers will be chapters in a report to appear later in the summer. 

    How Transparency Makes Debt Sustainability Analyses a Trusted and Effective Tool, by Gail Hurley

    A new study by Gail Hurley examines the transparency of DSAs across three key pillars: public disclosure, data and methodology openness, and engagement processes. Despite recent improvements, Hurley finds that qualitative aspects of transparency are lacking, with differences in disclosure regimes for low-income and market-access countries and limited access to information during debt distress. The paper emphasizes the importance of improved DSA transparency for driving progress, building trust, and informing better policies. It offers recommendations for enhancing transparency and calls for wider efforts across the borrowing cycle, including the production of DSAs by independent entities to alleviate concerns about impartiality.

    Find the webpage for the "Debt Sustainability Assessments and their Role in the Global Financial Architecture" series here.


  • An Appraisal of Debt Sustainability Analyses Amid Multiple Crises

    Jubilee USA partnered with Friedrich-Ebert-Stiftung New York to publish An appraisal of debt sustainability analyses amid multiple crises, by Sherillyn Raga

    The paper was the first to launch as part of a series that gathered practitioners to write on the theme "Debt Sustainability Assessments and their Role in the Global Financial Architecture." The papers will be chapters in a report to appear later in the summer. 

    An appraisal of debt sustainability analyses amid multiple crises, by Sherillyn Raga

    In an era of high debts and more shocks, should debt sustainability analyses change to adapt? A new study by Sherillyn Raga proposes four ways it can. One is by correcting the IMF’s over-optimistic growth and public debt forecasts for low-income countries, which underestimate the impact of overlapping shocks. The second is by better incorporating the impact of fiscal policy on baseline projections. The third is to produce a stress-test scenario for large shocks to trigger early action and prevent debt distress. Finally, when judgment rather than objective signals guide policy advice to countries, the reasoning needs to be clearly documented.

    Find the webpage for the "Debt Sustainability Assessments and their Role in the Global Financial Architecture" series here.


  • Debt Sustainability Assessments and their Role in the Global Financial Architecture

    Jubilee USA partnered with Friedrich-Ebert-Stiftung New York to publish a series that gathered practitioners to write on the theme "Debt Sustainability Assessments and their Role in the Global Financial Architecture." The papers will be chapters in a report to appear later in the summer. 

    An appraisal of debt sustainability analyses amid multiple crises, by Sherillyn Raga

    How Transparency Makes Debt Sustainability Analyses a Trusted and Effective Tool, by Gail Hurley 

    How to Ensure Debt Sustainability Accelerates Sustainable Development, by Matthew Martin

    The Practice of Sovereign Debt Sustainability Analysis, by Martin Guzman and Joseph E. Stiglitz


  • Eric LeCompte Quoted on the Vatican Jubilee Conference in the National Catholic Reporter

    The National Catholic Reporter quotes Eric LeCompte on the Vatican Jubilee conference, Jubilee 2025 and the link between debt and climate change in the developing world. Read an excerpt below, or the full article here.

    Ahead of 2025 Jubilee, Pope Francis rallies global finance heads to back debt relief

    By Chris White

    Eric LeCompte, the leader of Jubilee USA, a network of religious and development groups that advocates for international debt relief, described the pope's remarks as "powerful and forceful."

    LeCompte, who attended the Vatican conference, told the National Catholic Reporter that "secular institutions are aware that 2025 is a Jubilee Year" and are interested in using it to push new policies to offer a better global financial model.

    "Debt can no longer be disconnected from climate change and mitigation and adaptation," said LeCompte, who believes that the pope has always understood this to be the case, most evidenced by his landmark 2015 environment encyclical, Laudato Si'

    "The north really owes a debt to the south because we took all of their resources, fueled industrialization, created the climate change that the south no longer has the resources to deal with," he said. "We took from them and now we owe them a debt to be able to deal with climate mitigation and adaptation."


    Read more here.


  • Catholic News Service, The United States Conference of Bishops, The Arlington Catholic Herald and The Detroit Catholic Quote Eric LeCompte on The Concept of Jubilee and the Debt Crisis

    The Detroit Catholic quotes Eric LeCompte on the concept of "jubilee", the progress made as a result of the last Jubilee year, 2000 and the issues facing developing countries as a result of the COVID-19 pandemic. Read an excerpt below, or the full article here.

    Debt relief: Biblical jubilee concern is focus of Holy Year 2025, too

    By Cindy Wooden

    Eric LeCompte, executive director of Jubilee USA Network, an alliance of faith-based development and debt-relief advocacy organizations, was one of the speakers at the Vatican meeting.

    Speaking to Catholic News Service ahead of the gathering, he said that in the Scriptures a jubilee "is about a continuing process to address inequities, a continuing process that protects all of us from having too much or too little."

    Thanks to St. John Paul II, Pope Benedict XVI and all the religious and civic partners who came together to push for debt relief in the early 2000s, he said, the foundation was laid "for $130 billion in debt relief for developing countries; 55 million kids in Africa, who never would have seen the inside of a classroom, are going to school. We also changed how aid works, how accountability works. And we moved forward some very significant anti-corruption policies."

    But then the pandemic struck.

    As governments struggle to pay their debts, decades of progress in development have stalled or even been rolled back, poverty rates among women and children around the world are soaring, unemployment is high in the developing world and price increases -- especially for food and fuel -- are creating hardships even in the wealthiest countries. And all of that pushes migration.



    Read more here.


  • G7 Leaders Pressed to Find Debt Crisis Solutions Amid Worrying Growth Forecasts

    Ahead of Jubilee 2025 Year, Pope Francis is First Pope in History to Join G7 Summit

     G7 leaders grapple with debt, climate and development crises in Italy from June 13th - 15th. In addition to the presidents and prime ministers hosted in the southern Italian region of Puglia, others in attendance include Pope Francis, the leaders of Brazil, Argentina, India, other developing countries and heads of the IMF, World Bank and United Nations.

    The World Bank forecasts low growth rates, which will not be enough for developing countries to achieve key development goals.

    “Over three billion people live in countries that spend more on debt payments than they spend on health and education,” said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. “The pandemic, wars, climate challenges and high interest rates force many countries into hard choices between paying debts and investing in their people.”

    In advance of the Jubilee year of 2025, for the first time in history a Pope, Pope Francis, joins the G7 meeting. Last week the Pontiff echoed words of Pope Saint John Paul II in 2000 saying that the Jubilee year is an appropriate occasion to cancel international debt and create new processes to solve debt and development crises.

    “The G7 is under a lot of pressure to address growing debt challenges in Africa and among developing countries,” noted LeCompte who was with Pope Francis during his remarks on debt at the Vatican last week. “If we can't resolve debt problems and support countries to raise more revenue, poor global growth forecasts will continue.”

    The G7 will consider ways to increase lending and aid through development banks. In May, G7 finance ministers noted that agreements made so far will yield more than $25 billion a year in additional finance for climate and other challenges. The largest provider of aid to the poorest countries, the International Development Association, needs substantial resources this year to maintain aid and loans with low interest rates.

    “Together with G7 leaders, we won more than $130 billion in debt relief since Jubilee 2000,” shared LeCompte. “While we achieved significant debt relief and won anti-corruption policies, we failed to institute the policies we needed to prevent and resolve future debt crises. In Jubilee 2025, we must win real solutions to prevent debt crises and solve development challenges.” 

    Read Pope Francis' June 5th Address on Debt Crises, Development and Jubilee 2025 here.