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Anjoulie Woodhead published Morocco G20 Finance Meetings Make Few Decisions on Crisis Response in Press 2023-10-13 08:50:05 -0400
Morocco G20 Finance Meetings Make Few Decisions on Crisis Response
Consensus Document Dodges Israel/Gaza Conflict and Impacts
G20 finance ministers met on global economic growth, debt, inflation, expanding development bank aid, the pandemic and other crises. Meeting in Morocco during the Annual IMF and World Bank Meetings, the ministers reached agreement on a communique, which these ministers had failed to do since the beginning of the Ukraine war in February 2022.“The ministers met as a gap grows between the poor and the wealthy and as some countries see modest growth and poor countries are worse off,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “The G20 made important commitments to boost the lending and aid capacity of the World Bank and other development banks to support developing countries.”
Officials welcomed an experts group report they commissioned earlier this year to examine the additional capacity multilateral development banks need. The group's chairs are former US Secretary of Treasury Larry Summers and former chairperson of the Fifteenth Finance Commission of India Nand Kishore Singh. It estimates development banks together should ramp up finance and aid by $260 billion annually, as part of an annual $1 trillion external flows to finance climate and development in emerging and developing economies.
"The G20 needs to increase the resources for development banks so countries can emerge from crises and reach their development and climate goals," noted LeCompte. "What they agreed on only increases annual development bank funding by one-twentieth of what experts say is needed."
Inflation is easing in several countries but risks remain and core inflation is persistent, the G20 said.
“We need to stop raising interest rates. This flawed policy, to stop inflation, hurts all of us," shared LeCompte. "Raising interest rates spurs more debt crises in developing countries and makes food and fuel too expensive for us."
While the World Bank called for the Israel and Gaza conflict to deescalate, the document makes no mention of the events or its impacts on global economic activity.
“It appears the cost of reaching consensus language was to dodge the Israel and Gaza question altogether,” said LeCompte. “Beyond the tragic loss of life, global financial stability and the poor around the world will be dramatically affected."
Read Jubilee USA's statement on the Development Committee Communique here.
Read Jubilee USA's press release on the Africa Catholic Bishops Annual Meetings statement here.
Read Jubilee USA's press release on the IMF World Economic Outlook report and the Global Financial Stability report here.
Read Jubilee USA's statement on the IMF 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 Annual Meetings agenda here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.
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Anjoulie Woodhead published Jubilee USA Statement on IMF and World Bank Meetings and Development Committee Meeting in Press 2023-10-12 12:43:19 -0400
Jubilee USA Statement on IMF and World Bank Meetings and Development Committee Meeting
The IMF and World Bank's Development Committee, a major policymaking body for the institutions, met in Marrakesh 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 the pandemic and the 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 meetings since 2010, releases the following statement on the World Bank and IMF Meetings and the Development Committee meeting:
“As poor growth is forecasted for the global economy it will be very difficult for developing countries to recover from the pandemic and food crises.
“The Bank’s listing of eight global challenges is helpful because they all deal with aspects of poverty.
“It's important that the World Bank wishes to tackle more global challenges, but we have no idea where the money is coming from to tackle these global problems.
“We need to do a better job at responding to the climate, food and inflation crises in the poorest countries. Unless we deal with their high debts, we won't have the resources to address these crises.
“Some good news on getting new resources is that there is growing momentum to increase resources for development banks.
“If wealthy countries donate Special Drawing Rights to development banks, we can put more resources where it is most needed.
“Development banks can help address debt crises by making sure debt contracts have clauses where debt payments stop in the face of disasters and by promoting debt swaps, transparency and accountability.
"We can only stop the debt and food crises by stopping these ridiculous policies of raising interest rates."
Read Jubilee USA's press release on the Africa Catholic Bishops Annual Meetings statement here.
Read Jubilee USA's press release on the IMF World Economic Outlook report and the Global Financial Stability report here.
Read Jubilee USA's statement on the IMF 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 Annual Meetings agenda here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.
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Anjoulie Woodhead published A Call to Leaders Actions for a True Jubilee of Hope in Africa - Statement to the 2023 Annual Meetings of the World Bank and the International Monetary Fund in Press 2023-10-11 12:46:39 -0400
SECAM Statement to IMF/ World Bank Annual Meetings 2023
The Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) issued a statement urging world leaders to promote urgent debt relief, aid and lending policies to address the interlinked crises African countries face as the IMF and World Bank Annual Meetings Commence in Marrakesh, Morocco.
Read the statement here.
Read the press release on the statement here.
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Anjoulie Woodhead published African Catholic Bishops: Marrakesh Meetings Should Act on “True Jubilee of Hope in Africa” in Press 2023-10-11 11:13:49 -0400
African Catholic Bishops: Marrakesh Meetings Should Act on “True Jubilee of Hope in Africa”
Debt, Finance and Future Lending Policies Urged in Advance of 2025 Jubilee Year
World leaders attending the annual IMF, G20 and World Bank meetings should promote urgent debt relief, aid and lending policies to address the interlinked crises African countries face, noted a body that represents African Catholic Bishops. The statement from the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) was issued as the meetings are held for the first time in 50 years in an African location.
“To successfully address debt crises, it is crucial to tackle the complexities arising from multiple creditors. This necessitates the coordination of efficient, prompt, and comprehensive policies that encompass both public and private creditors,” the bishops said.
The statement, “A Call to Leaders Actions for a True Jubilee of Hope in Africa,” follows on Pope Francis’ declaration of year 2025 as a Jubilee year, under the motto “Pilgrims of Hope.”
The faith leaders pointed out that in Africa nearly 600 million people live in poverty and near 280 million are hungry, calling to remove the obstacle of debt that prevents many countries from having the resources to invest in crisis response and protect their most vulnerable. They recalled that in 1999, then Holy Father St. John Paul II linked debt relief to the fight against poverty, stating that the message remains true today.
The bishops referred to decisions taking place regarding increasing international development banks ability to lend.
“The momentum for reform of international financial institutions presents an opportunity to adapt them according to present needs and requirements. This can be achieved through strengthening human development values in their missions, boosting their financial capital, and improving their instruments for financing,” the bishops said. “Moreover, . . . any additional resources [should come with] increased accountability and meaningful involvement of the communities and societies affected by their programmes.”
The Catholic leaders also asked for policies to prevent new cycles of indebtedness, by “setting foundations for responsible lending and borrowing, debt contract authorization and disclosure safeguards and debt reduction clauses that trigger automatically when debtors suffer natural disasters or other shocks.”
"African religious leaders are on the front lines of countries facing debt, climate and food crises," stated Aldo Caliari, the Senior Director of Policy for Jubilee USA Network. Jubilee USA supports and advises the African Catholic Bishops on economic issues. "Africa Catholic Bishops are calling for real changes in the financial system to protect their people and our planet."
The statement referred to the threat of climate change in Africa, the most climate-vulnerable region and the one least responsible for global warming.
“In the face of a planet that is on the brink of becoming uninhabitable. . . We pray that [our leaders] make choices that promote life, not only for themselves but also for future generations, as it is written: “. . . choose life, so that and your children may live” (Dt 30:19),” they added.
Read the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) statement here.
Read Jubilee USA's press release on the IMF World Economic Outlook report and the Global Financial Stability report here.
Read Jubilee USA's statement on the IMF 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 Annual Meetings agenda here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.
Join Jubilee USA and partners for IMF and World Bank event: "Defusing the Debt Time Bomb: The Role of an Effective Crisis Prevention and Resolution Architecture." More information here.
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Anjoulie Woodhead published IMF and World Bank Meetings Wrestle with Low Growth, High Interest Rates, Debt Crises and Climate Challenges in Press 2023-10-11 11:12:46 -0400
IMF and World Bank Meetings Wrestle with Low Growth, High Interest Rates, Debt Crises and Climate Challenges
Israel and Gaza Conflict Raises Concerns for Global Economy
As world leaders arrive for the Annual IMF and World Bank Meetings, the IMF forecasts the global economy to grow 3% this year, which remains below the average of growth for the two decades before the pandemic.
"According to the IMF, our economy is still struggling to recover from the impacts of the pandemic and other crises,” said Eric LeCompte, Executive Director of Jubilee USA Network, which focused on IMF policies for more than 25 years. "Less financial stability means more conflict, more poverty and more crises."
Both of the released flagship reports, the Global Financial Stability Report and the World Economic Outlook were prepared before the emergence of the Israel and Gaza conflict.
"While the report could not consider the Israel and Gaza conflict, it does see the escalation of the Ukraine war as a financial stability risk," shared LeCompte. "The loss of human life due to war and conflict is unacceptable. Beyond the deaths, conflict also hurts our global economy and the poor everywhere."
The IMF predicts global inflation will fall almost 2 percentage points to 6.9%. The companion Global Financial Stability Report expressed concerns on continued inflation and warned that measures to bring it down will need to continue.
"The growing risks to financial stability are deeply concerning,” shared LeCompte. “But some ways that we fight inflation, like raising interest rates, creates higher debt loads for countries and makes food too expensive for all of us.”
The IMF called for preemptive debt restructurings in the many countries with high debt risks.
"High interest rates mean that developing countries will have higher debt payments that lead to even more debt crises,” noted LeCompte who serves on United Nations finance expert groups. "Quicker and more comprehensive debt restructurings are needed."
An entire chapter of the financial stability publication focused on the role of the financial sector in regards to climate investment needs.
"In developing countries, climate investments will need to rise to $2 trillion per year by 2030. The IMF expects private finance will need to provide the lion’s share of that amount,” stated LeCompte. "Developing countries need resources to tackle climate change. If they don't, it will impact financial stability."Read Jubilee USA's statement on the IMF Global Financial Stability report here.
Read Jubilee USA's statement on the IMF World Economic Outlook report here.
Read the full Global Financial Stability Report here.
Read the full World Economic Outlook Report here.
Read Jubilee USA's press release on Annual Meetings agenda here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.
Join Jubilee USA and partners for IMF and World Bank event: "Defusing the Debt Time Bomb: The Role of an Effective Crisis Prevention and Resolution Architecture." More information here.
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Anjoulie Woodhead published IMF Speaks: World Economy Loses $3.7 Trillion Due to Pandemic and Economic Shocks in Press 2023-10-06 12:36:22 -0400
IMF Speaks: World Economy Loses $3.7 Trillion Due to Pandemic and Economic Shocks
As World Leaders Head to Morocco, IMF Leader Raises Growth and Debt Challenges
Successive shocks since 2020 lost the world economy $3.7 trillion and poor countries are hit the hardest, noted IMF Managing Director Kristalina Georgieva. Georgieva delivered the annual curtain-raiser speech in Abidjan, Cote d’Ivoire, ahead of the upcoming Morocco IMF, G20 and World Bank Annual Meetings.
“Georgieva highlights that most of the world is worse off since the pandemic began,” said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. LeCompte will participate in the upcoming Morocco meetings. “More people have become poor and inequality has gotten worse.”
According to the IMF, global economic growth remains below the 3.8 percent average of the two decades before the pandemic.
Georgieva shared in her speech that more than half of low-income countries and one-fifth of emerging economies remain at high risk of debt crisis.
“At least 60 countries are in debt crises,” stated LeCompte who serves on United Nations expert groups on global debt. “As we head to Morocco meetings, world leaders can help solve the debt crisis or continue to do too little, too late."
Georgieva underscored the IMF deployment of $1 trillion since the pandemic, including Special Drawing Rights – an emergency currency that the IMF issued in 2021. She called for increasing IMF resources.
“Special Drawing Rights played a critical role in addressing the pandemic and rising global poverty," stated LeCompte. "Our world needs more aid like this as soon as possible."
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Anjoulie Woodhead published Pope Francis Releases "Laudate Deum" Ahead of Global Economy and Climate Meetings in Press 2023-10-04 13:12:42 -0400
Pope Francis Releases "Laudate Deum" Ahead of Global Economy and Climate Meetings
Pope Francis urged international cooperation to tackle environmental crises, in a document released today. Laudate Deum – which in Latin means “Praise God” – is a follow-up to his 2015 Laudato Si, the most comprehensive Encyclical on climate and the environment.
“The Pope makes clear that the environmental crisis and plight of the poor are really the same crisis,” stated Eric LeCompte the Executive Director of the religious development group Jubilee USA Network. “Wealthy countries need to take responsibility for the ways they've caused the climate crisis and support poor countries that don't have the resources to deal with the crisis.”
Pointing to droughts and floods, dried-up lakes, communities swept away by seaquakes and flooding, Pope Francis laments that in spite of many negotiations and agreements, the transition to cleaner energy sources and lower emissions is not progressing quickly enough.
Last year, a group of experts estimated developing countries need $1 trillion in aid and finance annually to meet climate goals. Next week, the IMF and World Bank hold their Annual meetings in Marrakesh, the first time in 50 years that the meetings take place in Africa. According to the African Development Bank, Africa is the world's most vulnerable region to climate change. Leaders at the meetings will discuss proposals on debt and changes to the mission of the World Bank and other development banks to deal with the climate crisis and other global challenges.
In a chapter devoted specifically to the upcoming UN conference on climate change, COP28, that Dubai will host in November and December, the document states that it “can represent a change of direction or … will represent a great disappointment.”
“One of the most important messages from Francis is that world leaders must work together," noted LeCompte. "We can only deal with the challenges of poverty and the climate crisis through cooperation."
Read Laudate Deum: Apostolic Exhortation of Pope Francis here.
Read Encyclical Letter Laudato Si here.
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Anjoulie Woodhead published Jubilee Weekend 2023 - Protecting the Vulnerable Amidst Multiple Crises: The Road to Jubilee 2025 in Pray 2023-09-22 12:52:11 -0400
Jubilee Weekend 2023 - Protecting the Vulnerable Amidst Multiple Crises: The Road to Jubilee 2025
During the week of October 9-15th, the International Monetary Fund (IMF), World Bank and G20 will meet to make decisions that will determine which direction the world will go to solve the polycrisis. During the first rise in extreme poverty in a generation, we need your faith community to pray with us and help us move world leaders to make decisions that lead the world in the right direction.
Jubilee USA was born out of the Jubilee 2000 movement, during which faith communities from all over the world came together to call for tackling the structural causes of poverty and canceling the debt of poor countries around the world. They argued that instead of paying debt, resources should go to reducing poverty and providing healthcare and education for those most in need.
As the Jubilee year of 2025 approaches, we need to regain the same momentum, so that we can truly create an economy that protects and promotes the participation of the most vulnerable. Your work with us is essential to educate the masses on these economic issues that virtually affect every person on this planet. Whilst developing countries spend double or more on debt payments than they spend on health, we need to win more debt relief and the right tools to obtain that. We need your help and prayers to move this much needed debt relief so that countries are able to take care of their people.
Sign-up your faith community to offer one prayer during your religious service the weekend of October 14th - 15th. Join Jewish, Christian, Muslim and other faith communities as we pray for increased debt relief to enable developing countries to invest in vital public services such as healthcare, climate infrastructure and education. You can find sample prayers, a petition, suggested readings and videos in our Jubilee Weekend 2023 packet here.
Host a watch party:- Prioritizing Vulnerable Communities in Global Finance
- Global Debt Webinar: Debt, Disaster, and Corruption
Host a reading group:
- Eric LeCompte Addresses 46 Ministers of the Least Developed Countries and United Nations or download as a PDF
- Addressing Debt Crises, Healthcare Access, and the Pandemic or download as a PDF As published in the Journal of Carnegie Council for Ethics in International Affairs
Sign our COVID-19 Jubilee White House, IMF, G20 Letter:
- Download the letter and a signature page as a PDF
- Or sign the letter online as a faith community or as an individual signatory
If you have any questions, please don't hesitate to contact me by email at [email protected] or by phone at (202) 964-0134.
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Anjoulie Woodhead published United Nations General Assembly Focuses on Debt, Development, Environment and Pandemic Preparedness in Press 2023-09-20 16:45:51 -0400
United Nations General Assembly Focuses on Debt, Development, Environment and Pandemic Preparedness
Presidents, prime ministers and world leaders are at the New York United Nations headquarters for the annual UN General Assembly meetings. Leaders during meetings are focused on global debt, aid, pandemic preparedness, environmental protections and the 2030 Sustainable Goals (SDGs).
“In 2015 the international community won a historic agreement on goals to lift countries out of poverty and protect our planet,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA. “We knew that the developing countries would need trillions of dollars to achieve development goals. Unfortunately the money that we need is nowhere in sight."
Ahead of the 2030 deadline to meet the SDGs, only 12% of the targets are on track, the UN reported earlier this year.
"Debt relief remains on the United Nations agenda as a way to fund development and win the Sustainable Development Goals," noted LeCompte who serves on United Nations expert groups.
In December, the G20, the IMF and the World Bank initiated a Global Sovereign Debt Roundtable that brings together a limited number of stakeholders to bridge disagreements in implementing a debt restructuring process that the G20 created three years ago. Only four countries applied to the G20 process so far and Chad is the only country to reach conclusion of the process.
"G20 efforts are important because debt relief is a way to help countries get out of crisis,” stated LeCompte. "Beyond getting countries out of crisis, debt relief can be used to support countries achieve sustainable development."
The roundtable meets on the sidelines of the October IMF/World Bank Annual Meetings in Marrakesh. Its last meeting, earlier in September, focused on domestic debt restructuring issues.
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Anjoulie Woodhead published Africa Faith Leader Meeting Organized by Jubilee and Partners Mentioned in National Catholic Reporter in Press 2023-09-20 13:32:51 -0400
Africa Faith Leader Meeting Organized by Jubilee and Partners Mentioned in National Catholic Reporter
Jubilee USA Network is mentioned in the National Catholic Reporter regarding the Africa Faith Leader Meeting in Nairobi. Read an excerpt below and click here for the full story.
Catholic bishops, faith leaders appeal for debt relief to help African countries
By Fredrick Nzwili
Ahead of major meetings of world leaders in September, such as the Africa Climate Summit, the G20 New Delhi Summit and the 78th session of the U.N. General Assembly, Catholic bishops and faith leaders in Africa are calling for debt relief for the continent to give Africa a "life line" to escape the multiple crises plaguing its population.
Amid discontent linked to the rising cost of food and living and growing inflation in Africa, economic burdens have been frustrating development, swelling poverty, and triggering conflicts and protests in some of the countries, according to the leaders.
The keyword for them to fix many pressing needs of African people is debt, or rather its reduction.
Read more here.
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Anjoulie Woodhead published G20 New Delhi Summit: Jubilee USA Statement in Press 2023-09-09 12:20:50 -0400
G20 New Delhi Summit: Jubilee USA Statement
G20 heads of state meet in New Delhi, with global economic challenges, development, debt and climate on the agenda. The leaders released their summit declaration.
Eric LeCompte is the Executive Director of the religious development group Jubilee USA Network who has tracked G20 meetings since 2010. LeCompte, releases the following statement on the G20 Leaders' Summit and Declaration:
"Amidst government tensions and global crises, it's pretty amazing the G20 agreed on a declaration.
"The G20 recognized that only 12 percent of the 2030 global development goals are on track.
"Debt relief is essential if countries are to have a chance at achieving development goals that reduce poverty and protect our planet.
"The G20 agreed that existing debt relief processes need to be faster, predictable, efficient and comprehensive.
"Unfortunately, actions to improve debt relief are moving too slowly.
"We still don't have a vehicle to push greater participation of debt relief from the private sector.
"With 60 countries in debt crises and skyrocketing interest rates, we only have a G20 process that has involved 4 countries.
"We are at a point where the G20 needs to do much more on debt relief to ease the growing global debt crisis.
"The G20 development bank expert group called for increasing resources for development banks by $260 billion annually.
"The G20 needs to figure out how to get these resources that are critical for addressing poverty.
"G20 finance ministers meet in Marrakesh in October to discuss further measures on strengthening development banks.
"Ahead of the meeting, the IMF reported that the use of $650 billion of emergency pandemic aid or Special Drawing Rights was effective.
"The poorest countries were able to afford vaccines and essential services for their people due to Special Drawing Rights.
"The IMF report hints at the important role Special Drawing Rights could play in future international assistance efforts.
"The decision to make the African Union a permanent member of the G20 gives a voice to the poorest and most climate-vulnerable region in the world."
Read the G20 declaration 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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Anjoulie Woodhead published G20 Leaders Summit Focuses on Debt, Economic Development and Climate Change in Press 2023-09-08 12:19:44 -0400
G20 Leaders Summit Focuses on Debt, Economic Development and Climate Change
World Bank Reports a Third of Developing Countries Face Slower Growth than Before Pandemic
G20 presidents and prime ministers gather in India for their annual summit to discuss global economic development. Absent from the meetings this year are Russia's President Vladimir Putin and President Xi Jinping of China.
"G20 leaders are meeting as countries can't get out of debt and face food shortages and rising inflation," stated Eric LeCompte who heads the religious development coalition Jubilee USA Network. "As we face a number of global crises, the war in Ukraine is slowing decisions on global development."
The World Bank reported that one-third of developing countries will grow more slowly next year than in 2019, before the pandemic crisis. Because the Federal Reserve and other major central banks increased interest rates, developing countries are paying more on their debts.
“At least 60 countries cut human services and their climate change efforts in order to pay their rising debts," stated LeCompte. “The G20 has a critical role in moving forward more effective and efficient debt relief processes."
The group will review the debt situation in developing countries. In June, public and government creditors agreed to reduce debt for the second of four countries to apply to the G20's Common Framework, a debt reduction process the group set in 2020. Private creditors have not committed to matching debt reductions.
For the last two years the G20 had a focus on increasing resources for multilateral lenders and development banks. India’s G20 Presidency appointed former Secretary of Treasury Larry Summers and former Chairperson of the Fifteenth Finance Commission of India Nand Kishore Singh to chair a group of experts to examine additional needs to strengthen these multilateral lenders.
In August, Africa interfaith religious leaders representing Catholic, Anglican, Presbyterian and other Christian denominations, the All Africa Council of Churches, Muslim and indigenous faiths called for increasing multilateral development bank finance.
“We welcome the international community’s exploration of ways to increase [multilateral development banks’] financing capacity and support combining new ways to use capital and capital increases in order to reach the desired scale,” the Africa religious leaders said in their August statement.
The New Delhi summit also reviews the impact of $650 billion in pandemic relief aid through an IMF 2021 emergency currency creation or Special Drawing Rights.
“The IMF reports that this pandemic relief helped the global economy, lowered borrowing costs and supported critical crisis spending in poor countries,” shared LeCompte. "Given the positive results from the use of Special Drawing Rights, the G20 should use this relief tool more widely."
As advanced economies received more than $400 billion in SDRs, the G20 agreed to transfer $100 billion to countries in need. The IMF reports pledges of more than $24 billion SDRs to its Poverty Reduction and Growth Trust, which lends to the poorest countries at zero-interest rates, and over $45 billion to a recently-created vehicle to provide long-term, low-cost pandemic preparedness and climate interventions loans.
“Special Drawing Rights held by wealthy countries are a cost-effective way they can contribute significantly to boosting development finance through the African Development Bank and other funding vehicles for climate, food, agriculture, infrastructure and other poverty-reducing priorities,” the Africa interfaith religious leaders stated.
Read Jubilee USA's press release on the Africa interfaith religious leaders meeting here.
Find more details on the G20 Summit here.
Find the IMF SDR Assessment Report here.
Read the Report of the G20 Independent Experts Group on Strengthening Multilateral Development Banks here.
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Anjoulie Woodhead published Annual Federal Reserve Retreat Focuses on Global Economic Changes in Press 2023-08-25 11:42:58 -0400
Annual Federal Reserve Retreat Focuses on Global Economic Changes
In Wyoming, Central Bank Heads and Economists Discuss Inflation and Debt
Wrestling with inflation, country debt levels at historic highs and pandemic related economic shocks, many of the world's central bankers are in Jackson Hole, Wyoming to discuss managing the economies of countries. The annual Federal Reserve 2-day policy symposium, "Structural Shifts in the Global Economy," includes remarks from Fed Chair Jerome Powell, European Central Bank President Christine Lagarde and Ngozi Okonjo-Iweala, World Trade Organization Director General.
"All over the world people can't afford food and poverty is increasing," said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. "Developing countries already pay 7% of their revenue on the interest of their debts. When the Federal Reserve raises interest rates, it means debts increase for countries in crisis."
In April, the IMF forecast the weakest growth in decades. Central banks continue pursuing measures, such as raising interest rates, attempting to fight inflation.
“Central bankers must weigh the reality that more than 165 million people became poor since 2020," noted LeCompte. "If the debts of developing countries continue to go up, countries have less resources to address poverty. When the debts of developing countries increase, food and fuel prices increase across the United States and Europe."
Read the Jackson Hole Economic Policy Symposium agenda here.
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Anjoulie Woodhead published Jubilee USA Comments on the World Bank Group's Evolution Process and Roadmap in Press 2023-08-18 17:03:20 -0400
Jubilee USA Comments on the World Bank Group's Evolution Process and Roadmap
In response to the World Bank Group's consultation on its Evolution Process and Roadmap, Jubilee USA submitted comments.
Click here to read this submission in pdf format.
Find the official consultation website, Evolution Roadmap and Development Committee paper that served as basis for the consultation here.
Re: Submission to Consultation on World Bank Group’s Evolution Process and Roadmap
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.
We appreciate the opportunity to submit these comments on the World Bank Group’s Evolution Process and its Roadmap (“Evolution Process” or “the Roadmap”).
The Evolution Roadmap comes at a moment of growing understanding about the need to make better use of multilateral development banks for financing development and the response to global challenges.
The pandemic shock reversed poverty reduction and human development progress globally. The Russia- Ukraine war, climate change and hunger are among the crises that the world faces and that hit developing countries worst, due to pre-existing vulnerabilities. Developing countries suffer these shocks amidst reduced fiscal space. The slowest 5-year growth in decades, high debts and rising interest rates combine to limit their capacity to respond and, especially, protect their most vulnerable.
Multilateral development banks (MDBs) like the World Bank have extraordinary potential to turn capital contributions from shareholders into development finance interventions several-fold their volume. They have an unparalleled capacity to offer low-cost, long-term funds and play a particularly important role in times of crises, when they provide countercyclical and emergency funding.
In the Roadmap World Bank shareholders endorsed, they signaled their intention to evolve the institution across three dimensions: mission and vision, operations, and financing.
Mission and Vision
The Bank should remain anchored on the twin goals of ending extreme poverty and promoting shared prosperity, which remain pressing priorities and even more so after the reversals the pandemic crisis prompted.
The Roadmap’s proposed work on revised indicators would be a good opportunity to evaluate changes that can better focus the Bank and enable measurement of progress on these goals. For poverty, we suggest the Bank should focus on the elimination of poverty, not just extreme poverty. Given the continuing rise in global inequality, and its inextricable relationship to poverty reduction, reexamining indicators on shared prosperity is also in order. The Palma ratio, as well as other alternative yardsticks, are practicable and more suitable to track progress in reducing inequality of wealth and income between the top and the bottom quintiles.
Building an economy that serves, protects, and promotes the participation of the most vulnerable
It is natural and desirable that the Bank’s mission and vision adapt as our awareness of global challenges that threaten poverty and shared prosperity in each country change. At the same time, there is a risk that without sufficiently large expansion of finance – including concessional finance – addressing such interlinked challenges may come at the expense of equally or more critical country-level priorities to address poverty and inequality.
Therefore, the considerations on mission and vision can only receive a conclusive response in light of the financing envelope the Bank will ultimately achieve as the financing pillar of the Roadmap shapes up. In that regard, mission/vision and financing are highly interdependent and deserve to be considered as a whole.
Operations
We support the World Bank maintaining the country-based model as its core delivery model. New and evolved lending instruments should advance – or at least maintain – existing country-level, bottom-up processes for citizen participation and accountability.
The Roadmap suggest two cross-cutting priorities to enhancing the operational model: private capital facilitation and domestic resource mobilization.
We support the focus on domestic resource mobilization. Strengthening domestic revenue bases in countries is an essential pillar of sustained and resilient financing for development, and should include more support to clients for the identification, monitoring and combat of illicit financial flows.
On private capital facilitation, we have a more nuanced view. We agree that the immense financing needs of developing countries cannot be met by public finance alone, and the need to align private sector flows with sustainable development and climate goals. The World Bank can play a positive role in signaling and incentivizing such alignment and setting high social, environmental and governance standards in private sector operations.
There should be strong scrutiny and a presumption against any World Bank interventions that de-risk private finance so they do not lead to a socialization of risks and privatization of benefits or encourage private rent-seeking behaviors. In the Bank’s partnership with the private sector, and that by clients, the guiding notion should not be de-risking, but risk-sharing. The private sector can be an agent of finance, innovation and entrepreneurship in delivering sustainable development outcomes, but these virtues are due precisely to its inherent capacity to take risks in a well-regulated environment.
World Bank Group support for the private sector, when not given in commercial terms, is a subsidy. As such, any decision to extend it should adhere to clearly established guidelines, consider unintended impacts on the market and alternative ways the resources for such subsidy could have been used. The intended development impacts of granting such subsidy should be clear from the outset and transparent to all stakeholders, and the Bank should set up mechanisms for monitoring and evaluation of their achievements and holding private actors accountable when they fail to deliver.
Financing
Given their efficient model to intermediate and leverage shareholder finance, the MDBs, and the World Bank in particular, represent the best hope of achieving the scale of hundreds of billions in annual and additional sustainable development support the world needs.
In that regard, we welcome the initial steps towards expanding World Bank financing and the further consideration of proposals that the G20-commissioned Independent Review of MDBs’ Capital Adequacy Frameworks submitted last year.
In order to reach the desired volume, however, measures to better use existing capital will need the complement of shareholders’ injections of capital.
With many borrower countries past their capacity to take on new lending, debt sustainability considerations should guide the Bank’s deployment of financing modalities. To that purpose, we recommend:
-Expand concessional finance: A significant part of the expansion should be in the form of additional concessional finance. The Bank should review criteria to determine access to concessional finance, to ensure it addresses vulnerability and need in a more comprehensive way that the reductionist income- based approach that excludes many middle-income countries today. At the same time, expansions of access should not come at the expense of the resources available for countries currently eligible for concessional finance.
-Risk-sharing modalities in lending: We appreciate the recent announcement that the Bank plans to implement climate resilient debt clauses in its loans and encourage further consideration of countries, cases, and relief through state-contingent debt instruments. At the same time, the Bank can play an important role in fostering use of risk-sharing modalities through its own sourcing. The scale, know-how, technical skills and access to data place the institution in a unique position to issue state-contingent debt instruments where individual clients cannot, and to pass their benefits to clients. The Bank would be playing an important role in market-making.
-Strengthen debt sustainability and accountability safeguards: The Bank should spearhead adoption of responsible lending and borrowing principles, and provide support and incentives for use of disclosure and authorization frameworks for debt contracts.
-Expanded use of guarantees: Under certain conditions, guarantees could enable projects to move forward while limiting the debt in recipient countries’ balance sheets. However, the Bank will need to advance solutions to demand- and supply-side constraints that currently limit their wider use.
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Anjoulie Woodhead published New York Lost, Won, Champions Vow to Win in Press 2023-06-11 16:57:56 -0400
New York Lost, Won, Champions Vow to Win
Friend,
We cannot thank you enough for your tireless efforts over the last year as you moved forward the New York Taxpayer and International Debt Crises Protection Act. The reality is that because of your non-stop efforts since February we turned an issue that no legislator knew about, to an issue where we won a commitment from leadership to move something in support of our efforts over the next year.
The New York State Senate and Assembly closed their legislative session on Saturday without voting on the New York Taxpayer and International Debt Crises Protection Act (A2970/S4747). The bill cleared Assembly Judiciary Committee, with bipartisan support, and was the first global debt relief legislation to move through the New York legislature in nearly 20 years. The legislation was designed to stop predatory "vulture fund" behavior, alleviate poverty in developing countries, address high food prices and protect pensions and US taxpayers. It was supported by unions, major religious institutions, development groups, notable economists, finance ministers, powerful environmental organizations, our global partners and high-level United Nations officials.
Senator Sponsor Brad Hoylman-Sigal is committed to start hearings and Assemblymember Sponsor Patricia Fahy is working to pass the legislation, as you see from their statements below. Predatory "vulture" hedge funds are on notice and it's doubtful they will buy more distressed debt in the next year as our legislation is still pending for a vote. Generally private and commercial firms will try to prove that they are participating in debt relief negotiations with a new fervor as the majority of the world's countries face crises.
At the same time, we are aware that people will die in developing countries because this legislation did not pass, long food lines will continue at our pantries, US taxpayers will bail out private firms and that the aid for climate mitigation and adaptation will not reach developing countries in dire need.
Multiple legislators (as you see in their statements below) noted that this is the most vibrant campaign ever seen in Albany and that we have more unique memos of support than any other legislation. We have 49 cosponsors in the Assembly and Senate. This is almost a quarter of the members in both bodies - and we know many, many more committed to vote yes. You and more than 60 partner organizations generated tens of thousands of phone calls and e-mails to Governor Kathy Hochul and Senators and Assemblymembers.
Our legislation is still alive for another year and a half and we will win, we must win as too many lives hang in the balance.
New York lawmakers, unions and religious groups vow to continue their efforts until the New York Taxpayer and International Debt Crises Protection Act becomes law:
Assemblymember Patricia Fahy and A2970 sponsor:
"I remain fully committed to passing the New York Taxpayer and International Debt Crises Protection Act along with Senator Brad Hoylman, legislative cosponsors, Jubilee USA, and coalition partners at the earliest possible opportunity next session. This is a wake-up call, and I’m pleased that private creditors, vulture funds, and Wall Street are taking serious note of this legislation. Developing nations, New York taxpayers, and global markets are depending on us to get this done, which is why I look forward to aggressively pursuing this issue along with my colleagues in the months to come.”
Senator Brad Hoylman-Sigal and S4747 sponsor:
“I’m grateful to the Jubilee USA Network for their work this legislative session in advancing international debt relief and New York State’s crucial role in helping reform the laws in this area to assist developing nations. I look forward to continuing to work with my Senate colleagues, including Senator Rivera and Senator Krueger, and pursuing a public hearing on this issue of international importance.”
Senator Leroy Comrie:
“This bill's reforms are necessary to protect taxpayers, workers, retirees and consumers and we will work to get them done by 2024.”
Senator John Liu:
“We will not stop our efforts until the New York Taxpayer and International Debt Crises Protection Act becomes law.”
Senator Luis Sepulveda:
"The Hoylman/Fahy bill is crucial to promote effective and orderly sovereign debt restructuring, achieve equitable burden-sharing, and prevent financial system disruption. This bill safeguards the interests of New Yorkers and supports international stability. Together, we can ensure sustainable outcomes and mitigate the impact of crises on our economy."
Assemblymember Brian Cunningham:
"We are committed to passing this law to protect New Yorkers and our brothers and sisters in the Caribbean, Africa, Asia and Latin America.”
Assemblymember Edward Gibbs:
"One of the most important reasons for us to pass this bill is because it will protect New York taxpayers. When vulture funds refuse to offer relief - they get bailed out by our tax dollars."
Assemblymember Alicia Hyndman:
"We've seen an extremely vibrant campaign working to pass this law. I join the unions, religious groups, major economists and development organizations who won't stop until we have a new debt relief law.”
Roberto O. González Nieves OFM, Metropolitan Archbishop of the Roman Catholic Archdiocese of San Juan de Puerto Rico:
"Because the New York Taxpayer and International Debt Crises Protection Act provides debt relief for our world in crises en masse, it protects Puerto Rico taxpayers, addresses inflation and economic shocks and helps address Puerto Rico's rising food prices."
Ruth Messinger, Former Member of New York City Council and Mayoral candidate, Global Ambassador and Former President and CEO, American Jewish World Service:
“It appears to be easy, sitting in Albany, to delay, to listen too carefully to those who will profit from the legislation not passing and to not hear the voices, and often the cries, of millions of children, women and men in the Global South who are losing education and health care resources, whose lives are in the balance. This is precisely the kind of issue that demands rapid action, yet our legislators have walked away from that reality.”
Brian McDonnell, Political and Legislative Director, AFSCME New York:
“AFSCME represents more than 400,000 public service workers in New York State. Our union maintains that private creditors should play by the same rules as government creditors. Although we fell short this session, we will continue to fight the vulture funds that hold countries hostage to squeeze out profit at the expense of their citizens and the essential public services that they rely on. Our union is a proud partner of Jubilee USA.”
Rev. Peter Cook, Executive Director, NYS Council of Churches, and Rashida Tyler, Deputy Executive Director, NYS Council of Churches:
"We are immensely disappointed that the New York Taxpayer and International Debt Crises Protection Act has not come to the floor for a vote this session. The legislation could have immediately assisted developing nations at risk of default. We are seeing the direct results of the global debt crisis here in New York State, as thousands of asylum seekers have come to the state in recent months. Many are from countries that are carrying unsustainable debt, which prevents them from being able to provide for basic human needs. We believe in this legislation, and thank the many supporters in the legislature for their courage to sponsor and co-sponsor this historic bill. We stand with the many congregations, faith leaders, NGOs, and international humanitarian organizations and will continue to fight to get this bill passed."
Rev. Nicolle D. Jean Simon, NAACP President of Schenectady Branch, Pastor of Duryee Memorial A.M.E Zion Church:
“I, like many other New Yorkers, have relatives in a developing country that is greatly distressed by the global debt crisis. Our state government can step in to help our families by passing the New York Taxpayer and International Debt Crises Protection Act. This groundbreaking bill allows New Yorkers to lend a helping hand to some of the world’s most marginalized. This bill will also result in lower food prices and gas costs. Not only is passing this bill the right thing to do, but it’s also a win-win situation for all. The passing of this legislation is critical. Let’s get it done by 2024!”
Ben Grossman-Cohen, Director of Campaigns at Oxfam America:
"New York legislators may have gone home, but the vulture funds who profit off the global debt crisis are still hard at work. The result of this inaction is that countries will continue to face default and the world’s poorest people will lose out on medical care, education, food and other essential services. But this fight is not over. We look forward to ensuring this bill gets the consideration it deserves when session resumes.”
Eric LeCompte, Executive Director of Jubilee USA Network:
“This legislation has support in every corner of the world. We got this far because of the amazing lawmakers who were our champions. Our labor, religious, development, environment and diaspora organizations are committed to push this legislation until it passes. This bill helps all of us."
Read and review information, videos, actions, supporter memos and much more on the New York Taxpayer and International debt Crises Protection Act here.
Read just some of the amazing press coverage on our efforts here.
As we continue to push for a vote on our active legislation, the G7, G20, US government and IMF are actively discussing the solution our bill wins. New York and other financial debt-governing jurisdictions need to pass legislation to bring private creditors into debt relief. Your work made this more than an option on the table to something that world leaders must take action on.
Gratefully,
Eric LeCompte
Executive DirectorTwitter: @Eric_LeCompte
www.jubileeusa.org/support-us
Jubilee USA Network
110 Maryland Ave. NE, Ste. 210 - Washington, DC 20002
(202)783-3566 - [email protected]
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Anjoulie Woodhead published New York State Senate, Assembly Fail to Pass Taxpayer and Debt Crises Protection Legislation in Press 2023-06-10 12:00:24 -0400
New York State Senate, Assembly Fail to Pass Taxpayer and Debt Crises Protection Legislation
S4747/A2970 Bill Champions Vow to Pass Debt Relief Legislation Within Next Year
The New York State Senate and Assembly will likely close their legislative session by Monday without voting on the New York Taxpayer and International Debt Crises Protection Act (S4747/A2970). The bill cleared Judiciary Committee in the Assembly and was the first global debt relief legislation to move through the New York legislature in nearly 20 years. The legislation was designed to stop predatory "vulture fund" behavior, alleviate poverty in developing countries, address high food prices and protect pensions and US taxpayers. The bill is supported by unions, major religious institutions, development groups, notable economists, finance ministers and high-level United Nations officials.
New York lawmakers, unions and religious groups vowed to continue their efforts until the New York Taxpayer and International Debt Crises Protection Act becomes law:
Assemblymember Patricia Fahy and A2970 sponsor:
"I remain fully committed to passing the New York Taxpayer and International Debt Crises Protection Act along with Senator Brad Hoylman, legislative cosponsors, Jubilee USA, and coalition partners at the earliest possible opportunity next session. This is a wake-up call, and I’m pleased that private creditors, vulture funds, and Wall Street are taking serious note of this legislation. Developing nations, New York taxpayers, and global markets are depending on us to get this done, which is why I look forward to aggressively pursuing this issue along with my colleagues in the months to come.”
Senator Brad Hoylman-Sigal and S4747 sponsor:“I’m grateful to the Jubilee USA Network for their work this legislative session in advancing international debt relief and New York State’s crucial role in helping reform the laws in this area to assist developing nations. I look forward to continuing to work with my Senate colleagues, including Senator Rivera and Senator Krueger, and pursuing a public hearing on this issue of international importance.”
Senator Leroy Comrie:
“This bill's reforms are necessary to protect taxpayers, workers, retirees and consumers and we will work to get them done by 2024.”
Senator John Liu:
“We will not stop our efforts until the New York Taxpayer and International Debt Crises Protection Act becomes law.”
Senator Luis Sepulveda:
"The Hoylman/Fahy bill is crucial to promote effective and orderly sovereign debt restructuring, achieve equitable burden-sharing, and prevent financial system disruption. This bill safeguards the interests of New Yorkers and supports international stability. Together, we can ensure sustainable outcomes and mitigate the impact of crises on our economy."
Assemblymember Brian Cunningham:
"We are committed to passing this law to protect New Yorkers and our brothers and sisters in the Caribbean, Africa, Asia and Latin America.”
Assemblymember Edward Gibbs:
"One of the most important reasons for us to pass this bill is because it will protect New York taxpayers. When vulture funds refuse to offer relief - they get bailed out by our tax dollars."
Assemblymember Alicia Hyndman:
"We've seen an extremely vibrant campaign working to pass this law. I join the unions, religious groups, major economists and development organizations who won't stop until we have a new debt relief law.”
Roberto O. González Nieves OFM, Metropolitan Archbishop of the Roman Catholic Archdiocese of San Juan de Puerto Rico:
"Because the New York Taxpayer and International Debt Crises Protection Act provides debt relief for our world in crises en masse, it protects Puerto Rico taxpayers, addresses inflation and economic shocks and helps address Puerto Rico's rising food prices."
Ruth Messinger, Former Member of New York City Council and Mayoral candidate, Global Ambassador and Former President and CEO, American Jewish World Service:
“It appears to be easy, sitting in Albany, to delay, to listen too carefully to those who will profit from the legislation not passing and to not hear the voices, and often the cries, of millions of children, women and men in the Global South who are losing education and health care resources, whose lives are in the balance. This is precisely the kind of issue that demands rapid action, yet our legislators have walked away from that reality.”
Brian McDonnell, Political and Legislative Director, AFSCME New York:
“AFSCME represents more than 400,000 public service workers in New York State. Our union maintains that private creditors should play by the same rules as government creditors. Although we fell short this session, we will continue to fight the vulture funds that hold countries hostage to squeeze out profit at the expense of their citizens and the essential public services that they rely on. Our union is a proud partner of Jubilee USA.”
Rev. Peter Cook, Executive Director, NYS Council of Churches, and Rashida Tyler, Deputy Executive Director, NYS Council of Churches:
"We are immensely disappointed that the New York Taxpayer and International Debt Crises Protection Act has not come to the floor for a vote this session. The legislation could have immediately assisted developing nations at risk of default. We are seeing the direct results of the global debt crisis here in New York State, as thousands of asylum seekers have come to the state in recent months. Many are from countries that are carrying unsustainable debt, which prevents them from being able to provide for basic human needs. We believe in this legislation, and thank the many supporters in the legislature for their courage to sponsor and co-sponsor this historic bill. We stand with the many congregations, faith leaders, NGOs, and international humanitarian organizations and will continue to fight to get this bill passed."
Rev. Nicolle D. Jean Simon, NAACP President of Schenectady Branch, Pastor of Duryee Memorial A.M.E Zion Church:
“I, like many other New Yorkers, have relatives in a developing country that is greatly distressed by the global debt crisis. Our state government can step in to help our families by passing the New York Taxpayer and International Debt Crises Protection Act. This groundbreaking bill allows New Yorkers to lend a helping hand to some of the world’s most marginalized. This bill will also result in lower food prices and gas costs. Not only is passing this bill the right thing to do, but it’s also a win-win situation for all. The passing of this legislation is critical. Let’s get it done by 2024!”
Ben Grossman-Cohen, Director of Campaigns at Oxfam America:
"New York legislators may have gone home, but the vulture funds who profit off the global debt crisis are still hard at work. The result of this inaction is that countries will continue to face default and the world’s poorest people will lose out on medical care, education, food and other essential services. But this fight is not over. We look forward to ensuring this bill gets the consideration it deserves when session resumes.”
Eric LeCompte, Executive Director of Jubilee USA Network:
“This legislation has support in every corner of the world. We got this far because of the amazing lawmakers who were our champions. Our labor, religious, development, environment and diaspora organizations are committed to push this legislation until it passes. This bill helps all of us."
Read the Nobel Prize-Winning Economist Joseph Stiglitz, Former Minister of Finance of Colombia Jose Antonio Ocampo and Former Minister of Economy of Argentina Martin Guzman support memorandum for the New York Taxpayer and International Debt Crises Protection Act here.
Read the United Nations experts, economics and law experts and world leaders letter of support for the New York Taxpayer and International Debt Crises Protection Act here.
Read the New York AFL-CIO, New York AFSCME, the New York State Public Employees Federation, 1199SEIU United Healthcare Workers East Union, the Communications Workers of America – Local 1180, the New York State Catholic Conference, the New York State Council of Churches, the United Church of Christ, the Evangelical Lutheran Church in America Upstate New York and Metropolitan New York Synods, the Methodist Church, the Presbyterian Church, Oxfam America, Bread for the World, the ONE Campaign, BRAC International, Catholic Climate Covenant, Friends of the Earth, NY Renews, Fridays for Future and other Memos/Letters of Support for the New York Taxpayer and International Debt Crises Protection Act here.
Read all of the New York Taxpayer and International Debt Crises Protection Act resources here.
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Anjoulie Woodhead published Friends of the Earth US Support Memorandum for the New York Taxpayer and International Debt Crises Protection Act in Organizational, Group and Individual Letters and Memos in Support of The New York Taxpayer and International Debt Crises Protection Act 2023-06-09 15:02:27 -0400
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Anjoulie Woodhead published New York Legislature Extends Session, Vote on Debt Relief Bill Pending in Press 2023-06-08 18:56:36 -0400
New York Legislature Extends Session, Vote on Debt Relief Bill Pending
Religion, Development and Labor Coalition Pushes Passage of New York Taxpayer and International Debt Crises Protection Act
New York State lawmakers extended their legislative session into the weekend as a vote on the New York Taxpayer and International Debt Crises Protection Act remains pending. The bill championed by Senator Brad Hoylman-Sigal and Assemblymember Pat Fahy, would bring "vulture funds" and private creditors into debt relief agreements for developing nations.
“If the legislation does not pass, hundreds of thousands of people could die in countries that desperately need debt relief,” said Eric LeCompte, Executive Director of Jubilee USA Network. “The Assembly Speaker, the Senate Leader and the Governor have the power to bring the bill to the floor now.”
The bill has nearly 50 New York Senate and Assemblymember sponsors, and more unique memos of support than any other bill in recent history of the body, according to several legislators.
On Thursday, Oxfam America organized a letter from United Nations experts, economics and law experts and world leaders to Senators and Assemblymembers urging them to pass the New York Taxpayer and International Debt Crises Protection Act (S4747, A2970). The signers include the lead economic advisor to the President of Zambia as well as UN Under-Secretary General Winnie Byanyima (Uganda) and Christiana Figueres (Costa Rica), the former Executive Secretary of the UN Framework Convention on Climate Change, who was the lead UN diplomat responsible for negotiating the Paris Climate agreement. Nobel Prize-Winner Economist Joseph Stiglitz, who separately co-signed a supporting memo with former Argentina’s Economy Minister Martin Guzman and former Colombia’s Finance Minister Jose Antonio Ocampo, also signed the letter.
“The coalition of labor, religious, development, environment and diaspora groups behind the bill will keep pressing for passage until the end of session,” added LeCompte. “If the bill doesn’t pass this session, we will pass the legislation before 2024 is over.”
Find all Memos/Letters of Support for the New York Taxpayer and International Debt Crises Protection Act here.
Read the United Nations experts, economics and law experts and world leaders letter of support for the New York Taxpayer and International Debt Crises Protection Act here.
Read all of the New York Taxpayer and International Debt Crises Protection Act resources here.
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Anjoulie Woodhead published New York Debt Relief Bill Must Pass, Say Unions, Religious Groups, Development Organizations and Environmental Coalitions in Press 2023-06-06 13:02:12 -0400
New York Debt Relief Bill Must Pass, Say Unions, Religious Groups, Development Organizations and Environmental Coalitions
Law Passing Before NY Legislature Session Ends in June is Decided by Senate Leader Andrea Stewart-Cousins, Assembly Speaker Carl Heastie, Ways and Means Chair Helene Weinstein and New York Governor Kathy Hochul
As Daily Vigils Begin Outside New York Senate and Assembly Chambers, Advocates Assert Law Addresses Global Poverty, Pandemic Challenges, Climate Change and Inflation
A bill requiring predatory "vulture" funds and private lenders to participate in debt relief for developing countries is moving through the New York State legislature. The New York Taxpayer and International Debt Crises Protection Act (A2970/S4747) cleared the Judiciary Committee of the Assembly with a bipartisan vote. Observers note that this is the first global debt relief bill to move in the New York legislature in almost 20 years.
“The Governor, the Assembly Speaker and Senate Leader have to make a choice between some of their donors and a growing religion and labor coalition advocating for more than 60 countries in severe debt crises," said Eric LeCompte, Executive Director of the development organization Jubilee USA Network. “Too many developing countries can't provide food, healthcare and education for all of their people. The bill can help New Yorkers struggling with the cost of food. A decision can't wait and New York's leadership must get the bill to the floor for a vote this week."
From across New York State, more people are arriving in Albany this week to push passage of the bill. Constituents inundated the New York Senate and Assembly with thousands of emails, calls and messages to urge passage of the New York Taxpayer and International Debt Crises Protection Act this session (A2970/S4747). On Tuesday at 1:30 PM, daily vigils will begin outside the Senate and Assembly Chambers inside the New York State Capitol Building.
Lawmakers note they rarely see this level of support for any legislation. Economics Nobel Prize Winner Joseph Stiglitz, Argentina’s Former Economy Minister Martin Guzman and Colombia’s Former Finance Minister Jose Antonio Ocampo wrote a memo outlining the benefits for borrowers, investors and the international financial system in the legislation. The chiefs of the IMF, World Bank and African Finance Ministers also called for New York legislative solutions. In a letter to New York State lawmakers, the UN Independent Expert on Foreign Debt and Human Rights underscored the human rights benefits the legislation will bring.
The growing coalition of labor, religious, development, anti-poverty and environmental supporters include the New York AFL-CIO, New York AFSCME, the New York State Public Employees Federation, 1199SEIU United Healthcare Workers East Union, the Communications Workers of America, the New York State Catholic Conference, the New York State Council of Churches, the United Church of Christ, the Evangelical Lutheran Church in America Upstate New York Synod, the Methodist Church, the Presbyterian Church, Oxfam America, Bread for the World, the ONE Campaign, BRAC International, Catholic Climate Covenant, NY Renews and Fridays for Future. Puerto Rico's Speaker of the House and religious leaders on the island also voiced strong support for the bill.
"While this is a moral and ethical choice to move the legislation to the floor for a vote, it's also practical and necessary for New Yorkers," shared LeCompte who serves on United Nations Expert Finance Groups. "The law can lower food and fuel costs, stop economic shocks and ensure that New York is no longer an outlier in the global financial system. The bill must pass now to ensure that New York remains the world's primary financial jurisdiction."
Globally, the major debt and development coalitions, Latin America Network for Social and Economic Justice, the African Forum and Network on Debt and Development, Jubilee Caribbean, the European Network on Debt and Development, Debt Justice UK and Jubilee Germany are in support. Religious networks like the Caritas Africa and the Jesuit Justice and Ecology Network Africa also weighed in favor. In a statement, 23 Catholic Bishops from Africa urged passage of the legislation.
Find All Memos/Letters of Support for the New York Taxpayer and International Debt Crises Protection Act here.
Read all of the New York Taxpayer and International Debt Crises Protection Act resources here.
On Tuesday, June 6th through Friday, June 9th, an interfaith silent vigil will be taking place outside of the New York State Capitol Senate and Assembly Chambers from 1:30 - 2:30 PM.
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Anjoulie Woodhead published The Communications Workers of America, Local 1180 Support Memorandum for the New York Taxpayer and International Debt Crises Protection Act in Organizational, Group and Individual Letters and Memos in Support of The New York Taxpayer and International Debt Crises Protection Act 2023-06-05 13:48:06 -0400
The Communications Workers of America, Local 1180 Support Memorandum for the New York Taxpayer and International Debt Crises Protection Act
Download the Communications Workers of America, Local 1180 support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.
Download the Communications Workers of America, Local 1180 support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.
