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Anjoulie Woodhead published New York State Council of Churches 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 2023-04-24 18:15:19 -0400
New York State Council of Churches Support Memorandum for The New York Taxpayer and International Debt Crises Protection Act
Download the New York State Council of Churches support memorandum for The New York Taxpayer and International Debt Crises Protection Act as a PDF here.
Download the New York State Council of Churches support memorandum for The New York Taxpayer and International Debt Crises Protection Act as a PDF here.
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Anjoulie Woodhead published Rivers & Mountains GreenFaith Circle 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 2023-04-24 18:04:23 -0400
Rivers & Mountains GreenFaith Circle Support Memorandum for The New York Taxpayer and International Debt Crises Protection Act
Download the Rivers & Mountains GreenFaith Circle support memorandum for The New York Taxpayer and International Debt Crises Protection Act as a PDF here.
Download the Rivers & Mountains GreenFaith Circle support memorandum for The New York Taxpayer and International Debt Crises Protection Act as a PDF here.
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Anjoulie Woodhead published Presbyterian Church (USA) 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 2023-04-20 13:26:56 -0400
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Anjoulie Woodhead published Jubilee USA Statement on G20 Finance Ministers Meeting in Press 2023-04-14 11:45:40 -0400
Jubilee USA Statement on G20 Finance Ministers Meeting
G20 Finance Ministers Struggle With Economic Challenges and Global Debt
G20 finance ministers conclude their meetings during the Spring IMF and World Bank Meetings. The ministers focused on the pandemic, Ukraine war and inflation shocks to the global economy, debt vulnerabilities in developing countries, food insecurity and the climate crises.
Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who has monitored G20 and IMF meetings since 2010, releases the following statement on the G20 finance ministers meeting:
"The G20 is focused on a growing global debt crisis.
"Multiple crises are taking a heavy toll on the global economy.
"In developing countries, we lost decades of development and we are dealing with growing crises on poverty, food and climate.
"The G20 is taking steps to increase lending from development banks.
"$4 trillion annually is what developing countries need and increasing lending capacity of development banks is a way to help secure the resources that countries need."
Join us for a Jubilee USA, IMF and World Bank Press Conference: Friday, April 14th, 2:00 PM, Community Park Outside of IMF, view advisory and online and in-person press registration. (More info and and registration here).
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here.
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Anjoulie Woodhead published IMF Forecasts Lowest Growth in Decades as World Leaders Descend on Washington for Meetings in Press 2023-04-14 11:44:38 -0400
IMF Forecasts Lowest Growth in Decades as World Leaders Descend on Washington for Meetings
Debt Roundtable Meetings Attempt to Break Impasse on Debt Relief From China and Private Sector
The International Monetary Fund forecasted the lowest global growth in decades as world leaders attend IMF, World Bank, G7 and G20 meetings. The IMF flagship World Economic Outlook report expects growth to fall to 2.8% this year.
“The ongoing war and high inflation and interest rates are pushing countries into debt and food crises,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. LeCompte has monitored IMF and World Bank policies since 2010. “In the US and around the world more people are facing hunger because of intertwined global crises.”
High debt ratios in low- and middle-income countries as interest rates rise across the world are a concern that the report highlights. The report suggests that debt restructurings will play an important role in reducing debt.
“In the IMF's key report issued this week, they noted the need for there to be processes for debt relief that can deal with multiple countries,” shared LeCompte. "Current debt relief processes are failing to cut debt and get countries the aid they need."
As part of pandemic and financial crisis response, the G20 created a process called the Common Framework to facilitate debt restructuring for more than 70 developing countries. On Wednesday, a group of stakeholders representing the private sector and lending and borrowing countries, met in a forum called the Sovereign Debt Roundtable.
"The Sovereign Debt Roundtable is an attempt to overcome some challenges regarding participation from China and the private sector in current debt relief initiatives," noted LeCompte. "Legislation is moving in New York State, the world's financial center, that ensures the private sector participates in debt relief."
The New York Taxpayer and International Debt Crises Protection Act (S.4747, A.2970) allows developing countries to receive debt relief from the private sector. The legislation sponsored by Senator Brad Hoylman-Sigal and Assemblymember Patricia Fahy ensures the private sector participates in global debt relief agreements and promote global financial stability.
On Tuesday, the IMF released the Global Financial Stability report and found that rising geopolitical tensions increase risks in the financial system through loss of capital, impacts on the banking sector and less opportunities to cushion external shocks.“Based on IMF analysis, the shock of the Ukraine war is making other economic shocks worse,” added LeCompte. “The war in Ukraine means that the poorest countries have less capacity to face shocks and will suffer the most."
On Thursday, G20 Finance Ministers meet. On Saturday, the IMF and World Bank Spring Meetings conclude.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here.
Read more about the New York Taxpayer and International Debt Crises Protection Act here.
Join the Jubilee USA Friday, April 14th, 2:00 PM Community Park Press Conference outside the IMF with leader from the Africa Catholic Bishops, Bishop Charles Kasonde, Rev. Charles Chilufya S.J., Latindadd's Patricia Miranda, Athena Peralta of the World Council of Churches, the AFL-CIO's Policy Director Candace Archer and Jubilee's Eric LeCompte. More info and registration here.
Read the full World Economic Outlook Report here.
Read the full Global Financial Stability Report here.
Find Jubilee USA's April 14th interfaith vigil and press conference details here.
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Anjoulie Woodhead published Press Advisory: Jubilee USA Holds IMF/World Bank Meetings Vigil and Press Conference this Friday in Press 2023-04-13 16:35:41 -0400
Press Advisory: Jubilee USA Holds IMF/World Bank Meetings Vigil and Press Conference this Friday
Jubilee USA, IMF and World Bank Press Conference
Friday, April 14th, 2:00 PM(Press RSVP to receive Facebook live link and ask questions online)
Where:
Outside IMF and World Bank, Community Park 1824-1884 H St NW, Washington, DC 20006.
Schedule for Friday, April 14th:
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10:30 AM – 2:00 PM: Vigil
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2:00 PM: Press Conference
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Opening Prayer
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Bishop Charles Kasonde, Bishop of Solwezi, Zambia, President of Association of Episcopal Conferences of Eastern Africa (AMECEA)
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Bishop Charles Kasonde, Bishop of Solwezi, Zambia, President of Association of Episcopal Conferences of Eastern Africa (AMECEA)
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Speakers
- Rev. Charles Chilufya S.J., Executive Director, Jesuit Justice and Ecology Network Africa
- Patricia Miranda, Global Advocacy Director, LATINDADD
- Athena Peralta, Programme Executive for Economic and Ecological Justice, World Council of Churches
- Eric LeCompte, Executive Director, Jubilee USA
- Candace Archer, Policy Director, AFL-CIO
- Bishop Charles Kasonde, Bishop of Solwezi, Zambia, President of Association of Episcopal Conferences of Eastern Africa (AMECEA)
- Rev. Charles Chilufya S.J., Executive Director, Jesuit Justice and Ecology Network Africa
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Opening Prayer
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10:30 AM – 2:00 PM: Vigil
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Anjoulie Woodhead published Debt Justice UK 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 2023-04-11 15:15:14 -0400
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Anjoulie Woodhead published Bread for the World 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 2023-04-11 15:14:47 -0400
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Anjoulie Woodhead published The Hudson Mohawk Conference of the Evangelical Lutheran Church in America (ELCA) Upstate New York Synod 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 2023-04-07 17:13:56 -0400
The Hudson Mohawk Conference of the Evangelical Lutheran Church in America (ELCA) Upstate New York Synod Support Memorandum for the New York Taxpayer and International Debt Crises Protection Act
Download The Hudson Mohawk Conference of the Evangelical Lutheran Church in America (ELCA) Upstate New York Synod support memorandum for The New York Taxpayer and International Debt Crises Protection Act as a PDF here.
Download The Hudson Mohawk Conference of the Evangelical Lutheran Church in America (ELCA) Upstate New York Synod support memorandum for The New York Taxpayer and International Debt Crises Protection Act as a PDF here.
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Anjoulie Woodhead published Global Growth Remains Low Amidst Debt Concerns, War and Inflation, Says IMF in Press 2023-04-06 10:16:50 -0400
Global Growth Remains Low Amidst Debt Concerns, War and Inflation, Says IMF
The challenges to the global economy and slow economic growth will continue this year, said IMF Managing Director Kristalina Georgieva. Delivering her traditional “curtain raiser” speech before the opening of the IMF and World Bank Spring meetings, she anticipated a 3% growth this year, below 3.4% last year.
“The IMF is reporting bad news for wealthy and poor countries,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. LeCompte monitored IMF policies for more than a decade. “The vulnerable are struggling with the pandemic, inflation and rising food prices.”
For the poorest countries, the IMF chief sees higher debt payments and lower demand for what they export. This could fuel further hunger and poverty increases.
Sixty percent of low-income countries and a quarter of emerging economies are at or near debt crises. Since February the IMF initiated, alongside the Indian Presidency of the G20 and the World Bank, a Global Sovereign Debt Roundtable to resolve disagreements that stall debt relief processes.
“While more countries face debt crises, we still don't have a fully functioning debt relief process,” noted LeCompte. "Developing countries need debt relief and access to more resources."
Georgieva called for donor countries to address funding shortfalls so the IMF maintains capacity to provide interest-free loans to the poorest members.
Watch the curtain-raiser speech here.
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Anjoulie Woodhead published Jubilee, IMF and World Bank Spring Meeting Events in Press 2023-04-05 16:50:34 -0400
Jubilee, IMF and World Bank Spring Meeting Events
April 6, 2023 | 11:00–12:00 pm ET
Prioritizing Vulnerable Communities in Global Finance - Webinar
When leading global financiers converge on Washington, DC, for the spring meetings of the International Monetary Fund and the World Bank, a host of practical and ethical issues will compete for priority, each a part of the polycrisis that confronts us. The 2023 agenda for the G20 leaders will be an integral part of the discussions. Global religious communities play important roles and have significant stakes in the outcomes, though what those roles are and how they are engaged is often unclear. Among the leading issues are care and concern for the most vulnerable: giving meaning to the call for a "preferential option for the poor" (a phrase used by Pope Francis in his encyclical Laudato Si), and translating intentions on addressing climate change into practical action. This webinar will preview how these issues may affect the G20 agenda, especially as they relate to ethical imperatives and the actual and potential roles that religious communities play in responding to global crises.
Panelists include Rev. Charles Chilufya, S.J., Director of the Justice and Ecology Office, Jesuit Conference of Africa and Madagascar (JCAM), Eric LeCompte, Executive Director, Jubilee USA Network, Katherine Marhsall, Senior Fellow, Georgetown's Berkley Center for Religion, Peace and World Affairs, Professor of the Practice of Development, Conflict and Religion, School of Foreign Service, Athena Peralta, Programme Executive for Economic and Ecological Justice, World Council of Churches
Sponsors: Berkley Center for Religion, Peace, and World Affairs at Georgetown University, the G20 Interfaith Forum and Jubilee USA Network
RSVP by clicking here.
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April 12, 2023 | 9:00–10:30 am ET (1:00–2:30 pm GMT)
Achieving Debt Crisis Resolution That Delivers Today and in the Future
Rising debt burdens in low- and middle-income countries constrain their response to urgent people's needs in an adverse and uncertain context. This unfolding debt crisis poses risks to all regions in the global south and ultimately constitutes a risk to global economic and financial stability. We will hear from different regional realities how the current instruments to deal with debt resolution are insufficient and unfit to address the current and future debt challenges. Proposals to help countries avoid the debt trap, dealing with overlapping crises and boosting an equitable recovery will also be discussed.
Red Latinoamericana por Justicia Económica y Social (Latindadd)'s Global Advocacy Director, Patricia Miranda, moderates a panel with Jason Braganza, Director, African Forum and Network on Debt and Development (AFRODAD), Mae Buenaventura, Team Manager of Debt Justice Program, Asian People’s Movement on Debt and Development (APMMD), Maia Colodenco, Former Head of the International Affairs Unit, Argentina's Ministry of Economy, Mark Flanagan, Deputy Director of the Strategy Policy and Review Department, International Monetary Fund (IMF)
Sponsors: Red Latinoamericana por Justicia Económica y Social (Latindadd), African Forum and Network on Debt and Development (AFRODAD), Asian People’s Movement on Debt and Development (APMMD), Jubilee USA Network, European Network on Debt and Development (Eurodad), Debt Justice Network Norway, Arab Watch Coalition, The Southern and Eastern African Trade Information and Negotiations Institute (SEATINI), Society for International Development, Christian Aid
Location: HQ2-03B-768B Lecture Room
Registration to the World Bank/IMF Annual Meetings will be required to access the premises. No registration is needed to access the livestream, available at: https://www.imf.org/en/live
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April 14, 2023 | 10:30 am–2:30 pm ET
Jubilee USA Vigil and Press Conference: Protecting Lives, Livelihoods and Planet
Join us on Friday, April 14th for a vigil and press conference in occasion of the IMF, World Bank and G20 Meetings. Hear how religious and community leaders from around the world are working for a Jubilee.
10:30 am–2:00 pm ET: Vigil
2:00 pm–2:30 pm ET: Press Conference
Speakers include Bishop Charles Kasonde, Bishop of Solwezi, Zambia, President of Association of Episcopal Conferences of Eastern Africa (AMECEA), Rev. Charles Chilufya, S.J., Director of the Justice and Ecology Office, Jesuit Conference of Africa and Madagascar (JCAM), Patricia Miranda, Global Advocacy Director, Red Latinoamericana por Justicia Económica y Social (Latindadd), Athena Peralta, Programme Executive for Economic and Ecological Justice, World Council of Churches, Eric LeCompte, Executive Director, Jubilee USA Network, Cathy Feingold, Director, AFL-CIO International Department and Deputy President, ITUC (TBC)
A full schedule is available here: https://www.jubileeusa.org/spring_meetings_jubilee_vigil_pressconference
Location: Community Park 1824-1884 H St NW, Washington, DC 20006
Register by clicking here. If you have any questions feel free to contact [email protected]. To stay up to date on these events, visit our website at: https://www.jubileeusa.org/spring_meetings_jubilee_vigil_pressconference
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Anjoulie Woodhead published Oxfam America 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 2023-03-24 09:55:31 -0400
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Anjoulie Woodhead published Two-Pager and Action Items on the New York Taxpayer and International Debt Crises Protection Act in The Sovereign Debt Stability Act 2023-03-22 11:46:20 -0400
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Anjoulie Woodhead published Congregation/Organization Sign-on Letter to New York State Legislators, Support NYTIDA in The Sovereign Debt Stability Act 2023-03-22 11:45:58 -0400
Congregation/Organization Sign-on Letter to New York State Legislators, Support NYTIDA
Your organization, faith community or congregation can sign the letter to New York legislators here.
Read the letter here.
21 Letter Signatories as of 3/15/2023
-----We write to request that you pass legislation to protect taxpayers, address economic shocks and support debt relief for developing countries suffering the pandemic economic and health shocks and the Ukraine war food and energy impacts.
As the world enters its third year since the pandemic triggered the worst economic crisis since World War II, developing countries' debt is at a 50-year high. Half of them spend a quarter of their revenue or more on debt payments. Private creditors, holding more than 60% of developing countries’ debt, refuse to participate in debt relief initiatives set by world leaders. When debt restructurings occur, private creditors average a 20% higher return than their taxpayer-funded peers.
More than one-half of sovereign debt contracts are issued under NY law. New York State legislation requiring equitable debt restructuring can make money accessible to developing countries for essential health and social services, including vaccines and food, energy and environmental protection programs.
Pope John Paul II and diverse faith-based leaders championed debt forgiveness for poor countries, and it has been a longstanding US policy with bipartisan support ever since.
Tax money – including from New Yorkers – funds the US participation in debt relief initiatives. Lack of private creditor participation in international debt relief initiatives risks undermining public support, and bringing the debt restructuring system to a halt. This would extend debt crises, with resulting supply shocks, humanitarian crisis and health and social impacts that harm our markets, citizens and consumers.
NY is the primary jurisdiction for developing market bonds and the world's financial capital.Prompt enactment of NY legislation to ensure private creditors contribute their share in international debt relief initiatives helps address the urgent needs of vulnerable people and promote the resilience of developing nations, while safeguarding economic and market stability at home-----
21 Letter Signatories as of 3/15/2023Messiah Lutheran Church
Congregation Gates of Heaven
United Methodist Church
First Reformed Church of Schenectady
First United Methodist Church of Schenectady
Saint John of God Parish
Presbyterian Hunger Program
B'nai Sholom Reform Congregation
Sisters of Charity of New York
First Presbyterian Church of Forest Hills NY
Fundación de Diaconía Pazos
Asofenix
Sisters of St. Joseph of Carondelet Albanu
African Services Committee
Sisters of Mercy in NY State
African Communities Together
Grey Nuns of the Sacred Heart
United Church of Christ, Justice and Local Church Ministries
Duryee Memorial AME Zion Church
Maryknoll Fathers and Brothers
First Lutheran Church - Albany, NY
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Anjoulie Woodhead published Jubilee Germany 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 2023-03-21 10:57:27 -0400
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Anjoulie Woodhead published AFSCME 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 2023-03-17 15:39:51 -0400
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Anjoulie Woodhead published AFL-CIO 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 2023-03-17 11:45:00 -0400
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Anjoulie Woodhead published Hon. Rafael Hernández Montañez 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 2023-03-17 11:43:10 -0400
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Anjoulie Woodhead published New York State Catholic Conference 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 2023-03-17 11:38:38 -0400
New York State Catholic Conference Support Memorandum for The New York Taxpayer and International Debt Crises Protection Act
Download the New York State Catholic Conference support memorandum for The New York Taxpayer and International Debt Crises Protection Act as a PDF here.
Download the New York State Catholic Conference support memorandum for The New York Taxpayer and International Debt Crises Protection Act as a PDF here.
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Anjoulie Woodhead published AFRODAD 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 2023-03-17 11:34:18 -0400
