Brigid Smith

  • published Proclaim Jubilee, Yovel at IMF, G20, G7, UN in Press 2025-10-14 18:38:59 -0400

    Proclaim Jubilee, Yovel at IMF, G20, G7, UN

    Partners,

    This week we are delivering hundreds of thousands of your petitions from 160 countries to the IMF and World Bank during their annual meetings in Washington DC.

    Following the lead of our Jewish members, partners and founders - we will blow the Shofar in front of the IMF and World Bank tomorrow in an inter-religious celebration. The root word of Jubilee is Yovel, the Hebrew word for the sound of the Shofar - the ram's horn used to announce a new year. Starting at the G7 in Canada this past June, several of our rabbis began this tradition of blowing the Shofar and marking the next 5 years of our campaigns with 200 organizations.

    Sign up your family, organization, congregation, faith community or group to hold a Jubilee event and blow a horn, a bugle or a shofar at a Jubilee event before the end of the year.

    This is an opportunity to gather petitions and educate on the next 5 years of our efforts. You can use this background 
    flyer on how to hold an event this year, before the end of the Jubilee Year on January 6th, 2026. When you sign-up we will send you prayers and action resources. Our next global petition delivery will be at the South Africa G20 Summit at the end of November.

    As we gather this week in Washington DC, all over the world partners are celebrating Jubilee week, October 12th - 19th, with creative actions to move world leaders on debt relief, economic aid and changes to the financial system to protect the poor. Ahead of the IMF, World Bank and G20 meetings - Pope Leo - issued his first official teaching encouraging world leaders to make economic decisions that lift and protect the poor.

    Sign up now to organize a gathering of sound and signing petitions between now and January 6th, 2026 - announcing 5 years of Jubilee campaigns in 160 countries.

    - To learn more about organizing a home, community or faith event, see our flyer here.

    - Please 
    sign up to organize an event this year as soon as possible so we can list your event and send you resources.

    - Sign and share the Jubilee petition and join hundreds of thousands around the world as we get ready for our next delivery in South Africa.

    - Watch the powerful interview of our Executive Director Eric LeCompte at the G20 Interfaith Forum in Brazil to learn about what our 5 years of campaigns, together, that we will win.

    Blessings,
    Brigid Smith
    Communications and Operations Director
    Jubilee USA Network






  • published Proclaim Jubilee in Jubilee 2025 Hub 2025-10-14 16:01:37 -0400

    Proclaim Jubilee



    Download a pdf here.

    See photos from our October 15, 2025 gathering at the IMF and World Bank Annual Meetings below.

    Watch the full livestream recording from our IMF and World Bank Annual Meetings gathering here.


     

     


  • published IMF/World Bank 2025 Annual Meeting Events in Press 2025-10-14 15:38:41 -0400

    IMF/World Bank 2025 Annual Meeting Events

    DebtCon8 Plenary 5: Debt, Justice, and (Geo) Politics

    October 13, 2025 | 4:30 - 6:00 pm ET

    Chair: Eric LeCompte
    Executive Director, Jubilee USA Network


    Peter Rosendorff
    Professor of Politics, New York University


    Felipe Ford Cole
    Assistant Professor of Law, Boston College Law School


    Mmakamma Amalachukwu Ekeruche
    Senior Research Fellow, Centre for the Study of the Economies of Africa 


    Thilina Kalhara Panduwawala
    Economist, Consultant


    Kangle Zhang
    Assistant Professor, Peking University Law School 

    Prior registration required. You can register here: https://web.cvent.com/event/005168b8-7914-43da-9705-08515fe60d29/summary

    Proclaim Jubilee

    October 15, 2025 | 12:00 - 1:00 pm ET

    Prayer leaders:
    Susan Gunn
    Director, Maryknoll Office for Global Concerns

    Rabbi Fred Scherlinder Dobb

    Alfonso Apicella
    Senior Office for Global Advocacy Campaigns, Caritas Internationalis

    Location: Community Park, 19th St & Penn Ave & H St NW, Washington DC 20431

    Facebook livestream available: https://www.facebook.com/jubileeusa

     

    DebtCon8 Plenary 10 Roundtable: Strengthening the Role of Parliaments in Public Debt Accountability

    October 15, 2025 | 12:30 - 1:30 pm ET

    Chair: Corina Rebegea
    Non-Resident Fellow, Accountability Lab

    The Honorable Marlene Malahoo Forte
    Former Minister of Legal and Constitutional Affairs Jamaica


    Franklin de Vrieze
    Head of Practice (Accountability), Westminster Foundation for Democracy

    Yanne Horas
    Associate, International Institute for Sustainable Development

    Elena Mondo
    Senior Technical Advisor, International Budget Partnership

    Damon Silvers
    Special Counsel and Senior Adviser, Jubilee USA Network

    Visiting Professor of Practice in Labour Markets, University College London 

    Prior registration required. You can register here: https://web.cvent.com/event/005168b8-7914-43da-9705-08515fe60d29/summary

     

    A Jubilee 2025 Call for a Fair Debt Architecture: Bridging Ethics and Policy

    October 16, 2025 | 2:00 - 3:30 pm ET

    Moderator: Vera Songwe
    Member of the Jubilee Commission and Chair and Founder, Liquidity and Sustainability Facility; Former Senior Advisor, Bank of International Settlements; Non-Resident Senior Fellow, Global Economy and Development, Brookings

    Martín Guzmán

    Former Minister of Economy, Argentina, Professor at Columbia University and Coordinator of the Jubilee Commission Report

    Monsignor Juan Antonio Cruz Serrano
    Permanent Representative of the Holy See to the Organization of American States

    Amir Manghali
    Regional Programs Coordinator for East Africa, Islamic Relief Worldwide

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

    Rev. Jackline Makena Mutuma
    Pastor, Methodist Church in Kenya

    Rev. Dr Kenneth Mtata
    Programme Director for Life, Justice and Peace Unit, World Council of Churches

    Manuela Francisco
    Global Director for Economic Policy, Prosperity Vice-Presidency, The World Bank

    Marking the 2025 Jubilee Year, a Vatican-backed commission urges bold reforms to address debt and development crises. This event explores recommendations that reimagine the role of the Bretton Woods Institutions - pertaining to debt relief, bailout packages, and pro-cyclical and austerity policies to advance fairer, more functional global debt governance.

    Sponsors: Jubilee USA Network, All Africa Conference of Churches, Caritas Internationalis, Catholic Agency for Overseas Development (CAFOD), Catholic Relief Services, Institute for Policy Dialogue, Suramericana Vision, Islamic Relief Worldwide, Maryknoll Office for Global Concerns, World Council of Churches

    Location: HQ2-03B-768B 

    Registration to the World Bank/IMF Annual Meetings will be required to access the premises. No registration is needed to access the Zoom livestream, available at: https://imf.zoom.us/j/97734379385?pwd=fWNbX1b4NZx87zR56KsKg9Md4SagTc.1

    Scrutinizing the IMF Role on Debt Issues

    October 17, 2025 | 3:30 - 5:00 pm ET 

    Moderator: Kjetil Abildsnes
    Senior Policy Office, Eurodad

    Marina Zucker-Marques
    Senior Academic Researcher Boston University 

    Shereen Talat
    Director, MENAFem

    Mahinour ElBadrawi
    Global Partnerships Lead, CESR 

    Allison Holland
    Assistant Director and Division Chief of the Debt Policy Division, IMF

    The IMF plays a decisive role in debt crises. Its advice, conditionalities, and debt sustainability analyses shape countries’ prospects for recovery. Through policies like lending into arrears, it influences restructurings. The event discusses civil society perspectives on its influence in the negotiations and on the human rights, gender and climate aspects of debt resolution.

    Sponsors: Eurodad, Latindadd, MENA FEM, SEATINI Uganda, Jubilee USA Network, AFRODAD, APMDD, Recourse, CESR, (DRGR) Project, Debt Justice UK,  Oxfam, BWP, Debt Justice Norway 

    Location: HQ2-03B-768B 

    Registration to the World Bank/IMF Annual Meetings will be required to access the premises. No registration is needed to access the Zoom livestream, available at: https://imf.zoom.us/j/94517303447?pwd=CTxHakVbRzOHqsPtjMFb7xjFgCZYr7.1


  • Jubilee USA Statement on IMF Global Financial Stability Report

    Washington DC – The IMF releases the Global Financial Stability Report and flags growing vulnerabilities under global financial markets that “appear calm.” 

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

    "The IMF is alluding to a bubble in financial markets.

    "A lesson from financial history is consistent. When bubbles burst, the poorest pay the highest price.

    "More developing countries are issuing debt in domestic markets, which could make their banking sectors more vulnerable.

    "The report warns of the risks that stablecoins can bring, especially for emerging markets.

    "The report recommends improving oversight of pension funds, insurance companies and investment funds whose risks cannot be separated from the banking system that the average person uses."

    Read the full Global Financial Stability Report here.

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

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

    Read Jubilee USA's press release on Pope Leo's first official teaching document “Dilexi Te” here.


  • Jubilee USA Statement on IMF World Economic Outlook Report

    Washington DC – As world leaders arrive in Washington, DC for IMF and World Bank Annual Meetings, the IMF releases its flagship World Economic Outlook report, where it forecasts an economic slowdown over the next two years and pegs global growth at 3.2%.

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

    "Uncertainty is the key word to describe the forecasts we are receiving this week on the economy, jobs and growth.

    "In spite of a small improvement compared to April projections, the IMF projects in two years we will still not reach growth levels we had from before the pandemic.

    "The IMF sees higher inflation than their forecasts of a year ago.  

    "The IMF is concerned with high debt levels and recommends that struggling countries should have access to timely, predictable and cheaper debt restructuring.

    "The IMF underscores that in the poorest countries, which have not overcome the economic effects of the pandemic, a combination of high debt and aid cuts may fuel more social unrest."

    Read the full World Economic Outlook Report here.

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

    Read Jubilee USA's press release on Pope Leo's first official teaching document “Dilexi Te” here.


  • Pope Leo's First Official Teaching Document Focuses on Addressing Poverty

    The Apostolic Exhortation Draws Upon 2000 Years of Religious Teachings to Press the Plight of the Poor

    Washington DC – In his first major papal document, Pope Leo XIV signals an agenda focusing on those in poverty. The Apostolic Exhortation “Dilexi Te” was built on an unfinished draft from Pope Francis that draws on 2000 years of Catholic teaching.

    “It is quite significant that Pope Leo decided his first official teaching would focus on the needs of the poor,” said Eric LeCompte the Executive Director of the religious development organization Jubilee USA Network. LeCompte advises the Catholic Church and multiple faith groups on how economic policies impact the poor. "Leo highlights that our current economic system prevents too many poor people from getting jobs."

    In the document, the Pope says that “Charity . . .  is the source that must inspire and guide every effort to “resolve the structural causes of poverty,” and to do so with urgency.”

    2025 marks a Jubilee Year, where the Catholic Church and multiple faith groups are focusing on debt relief and new economic policies to address poverty.

    “Leo’s teaching comes ahead of IMF, World Bank and G20 meetings where world leaders will take actions on debt and poverty reduction,” added LeCompte.

    Next week the Annual IMF, World Bank and G20 meetings in Washington DC take place October 13-18.

    Read the full Apostolic Exhortation “Dilexi Te” here.

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


  • published Economic Uncertainty Is Here to Stay, IMF Says in Press 2025-10-08 14:13:39 -0400

    Economic Uncertainty Is Here to Stay, IMF Says

    Next Week World Leaders Gather for Annual IMF, World Bank and G20 Meetings

    Washington DC – “Uncertainty is the new normal and it is here to stay,” stated IMF head, Kristalina Georgieva, in her curtain-raiser speech ahead of the IMF Annual Meetings next week.

    “The IMF is raising concerns that many people feel the economy is leaving them behind,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “Rising poverty levels and too high food and fuel prices are serious economic concerns.”

    The IMF expressed earlier this year that the average income in African countries is below pre-pandemic predictions. IMF analysis found that global debt is projected to exceed 100% of global economic output by 2029.

    “While most of the debt is held by wealthy countries, the debt of developing countries is significantly impacting the poor and stability and prices in the global economy," shared LeCompte. 

    Read Kristalina Georgieva's curtain-raiser speech here.




  • US Catholic Features Eric LeCompte in Article on Debt Justice and Jubilee

    Eric LeCompte, Jubilee USA Network's Executive Director, was recently featured in US Catholic, discussing Jubilee's scriptural roots, the impact of Jubilee 2000 and the US role in global debt relief. Read an excerpt below or the full article here.

    What does the Jubilee have to do with debt justice?

    During the Jubilee Year of Hope, activists across the globe are reviving an ancient vision of debt forgiveness.

    By: Cassidy Klein

    "Today, 3.3 billion people live in countries that spend more servicing their debts than on health care, education, and other social services combined. “Debt relief is one of the most accountable forms of aid,” LeCompte says. Since the COVID-19 pandemic, LeCompte says, the debt crisis is becoming worse in developing countries. “[During the pandemic], we saw hundreds of millions of people, mostly women and children, get pushed into poverty,” he says.

    After the 2008 financial crisis, private creditors such as BlackRock began frequently lending to countries in the global South. The IMF and World Bank are multilaterals, meaning they have some level of transparency around lending, but private creditors do not. About half of these private creditors are regulated by the state of New York, and the other half are regulated by the United Kingdom. “The UK and the state of New York are uniquely responsible for the rules around which private creditors lend to whole countries,” Dettloff says.

    Today, more than 50 percent of external debt in many developing countries is held by private creditors, private firms, and corporations, “including some very challenging groups, the so-called vulture funds or predatory hedge funds,” LeCompte says. The United States also has a significant role among multilateral lenders such as the IMF. The United States is the largest shareholder in the IMF—which Jubilee USA considers the most powerful institution after the White House, LeCompte says—so it gets the most votes and makes a lot of decisions around debt and the international financial system.

    Jubilee USA is involved in campaigning and working on policies around debt cancelation, including legislation in New York. This year, Debt for Climate has held rallies at the IMF and World Bank, as well as at private vendors such as BlackRock in New York, bringing the words and stories from people in the global South to these centers of power."


  • Join Eric, G20 Faith Leader Cape Town Forum this week virtually

    Partners,
     
    As we continue on our Jubilee Year pilgrimage - your Executive Director, Eric LeCompte, joins many of the world's major religious leaders in Cape Town to prepare for the November South Africa G20 Summit and to organize 5 years of global Jubilee campaigns in 160 countries.

    You are invited to virtually attend the events - The 2025 G20 Interfaith Forum: Ubuntu in Action: Focus on Vulnerable Communities - spearheaded by our amazing Interfaith G20 Forum partners, taking place August 11th - 14th.

    Eric is addressing the opening plenary on our Jubilee efforts as well as moderating the leading panel on the Jubilee Year. You can watch Eric's opening address, also the Jubilee Year panel and attend virtually the many events this week taking place live from Cape Town: 

    August 11th
    Eric speaks at the Opening Plenary "Action Imperatives and Realities of Finance and Debt"

    Cape Town 11:40 am, Washington DC 5:40 am, Chicago 4:40 am, Rio de Janeiro 6:40 am, Bogota 4:40 am, Calgary 3:40 am, San Diego 2:40 am, San Juan 5:40 am, Dakar 9:40 am, London 10:40 am, Nairobi 12:40 pm, Paris 11:40 am, Moscow 12:40 pm, Manila 5:40 pm, Tokyo 6:40 pm, Sydney 7:40 pm, Vatican City 11:40 am

    Watch here: https://www.g20interfaith.org/g20-interfaith-forum-south-africa/

    August 11th
    Eric moderates "2025 as a Jubilee Year: Principles of Equity in the Architecture of Finance"

    Cape Town 3:45 pm, Washington DC 9:45 am, Chicago 8:45 am, Rio de Janeiro 10:45 am, Bogota 8:45 am, Calgary 7:45 am, San Diego 6:45 am, San Juan 9:45 am, Dakar 1:45 pm, London 2:45 pm, Nairobi 4:45 pm, Paris 3:45 pm, Moscow 4:45 pm, Manila 9:45 pm, Tokyo 10:45 pm, Sydney 11:45 pm, Vatican City 3:45 pm

    Watch here: https://www.g20interfaith.org/g20-interfaith-forum-south-africa/

    August 11th - 14th
    The 2025 G20 Interfaith Forum: Ubuntu in Action: Focus on Vulnerable Communities

    View the full schedule of events in Cape Town timezone: https://www.g20interfaith.org/app/uploads/2020/09/8.9-20.15-IF20-Cape-Town-Full-Program.pdf

    Watch here: https://www.g20interfaith.org/g20-interfaith-forum-south-africa/

    View the Jubilee2025 hub here: https://www.jubileeusa.org/jubilee_2025_hub

    Jubilee USA Network prepared for the South Africa G20 Summit for three years with our African partners. Thanks to our incredible partners in Canada the G7 in Canada was our first pilgrimage, then we joined the UN development conference in Seville and now we prepare for the Washington DC October IMF and World Bank meetings, the November South Africa G20 Summit and 5 years of campaigns circling the globe.

    Onward,

    Brigid

    --

    Brigid Smith
    Communications and Operations Director
    Jubilee USA Network
    [email protected]/(202) 503-4372

  • Amidst Deteriorating Growth Prospects, South Africa Hosts G20 Talks on the Global Economy and Debt

    Washington, DC – July 17 and 18 South Africa hosts G20 finance ministers for talks on the global economy, debt, financial stability and infrastructure and development bank loans. Last month, the World Bank forecast the lowest growth rate, outside recessions, since 2008.

    "Low economic growth means developing countries will do less to address poverty and recovering from pandemic losses is further out of reach," said Eric LeCompte, the Executive Director of Jubilee USA Network, which focuses on G20 policies. “As debt payments are prioritized by countries, we'll see deeper cuts to education, healthcare and social services."

    South Africa called for “bold and urgent action on a comprehensive plan to deal with high levels of debt in Africa and other developing countries" and appointed a panel of experts chaired by its former Finance Minister Trevor Manuel to make recommendations. A separate United Nations panel Manuel co-chairs found 26 countries faced ongoing debt crises since 2018, but only four of them sought a debt reduction. The UN panel questions whether existing debt restructuring processes are effective.

    The South Africa-hosted G20 coincides with the Jubilee Year when interreligious institutions are calling for debt relief and changes to the economy to address poverty.

    “As the first African country to chair the G20, South Africa wants solutions to the debt problems that plague the region,” shared LeCompte. 

    At previous meetings, G20 finance ministers did not reach consensus on a communique, but Bloomberg reported that government officials sound confident that finance ministers will release a statement at this meeting.

    Learn about the Jubilee Year of 2025 here.


  • Mexico's La Jornada Quotes Aldo Caliari on FfD4 Conference

    Aldo Caliari, Jubilee USA Network's Senior Director of Policy and Strategy, was recently featured in an opinion piece in Mexico's La Jornada, discussing the UN Financing for Development Conference that took place in Seville, Spain earlier this month. Read the full article here.


  • Catholic News Service Quotes Eric LeCompte on Vatican Launch of Jubilee Commission Report

    Eric LeCompte, Executive Director of Jubilee USA was recently quoted, speaking on the Jubilee Commission Report launch, which took place at the Vatican on June 20th. Read an excerpt below or the full article here

    Finance experts launch report at Vatican on foreign debt relief

    By: Cindy Wooden

    "The Holy Year 2025 can have a lasting impact on the world's poorest countries if governments and international institutions embrace a key element of the biblical concept of jubilee by forgiving, restructuring or pausing foreign debt repayments, said a report commissioned by Pope Francis

    At the late pope's request, the Pontifical Academy of Social Sciences and the Initiative for Policy Dialogue at Columbia University in New York brought together 30 global experts in debt, development and the global financial system to address the current debt crisis, prevent future crises and promote sustainable development.

    The "Jubilee Commission," which began meeting in February, released "A Blueprint for Tackling the Debt and Development Crises and Securing a Sustainable People-Centered Global Economy" June 20 at the Vatican.

    "Today, 3.3 billion people live in countries that spend more on interest payments than on health, and 2.1 billion live in countries that spend more on interest payments than on education," the report said. "Interest payments on public debt are therefore crowding out critical investments in health, education, infrastructure and climate resilience."

    The indebted governments—"fearful of the political and economic costs of initiating debt restructurings—prioritize timely debt payments over essential development spending," the report said. "This is not a path to sustainable development. Rather, it is a roadblock to development and leads to increasing inequality and discontent."

    Eric LeCompte, executive director of Jubilee USA Network, an interfaith group promoting debt relief and development, was not a member of the commission, but supported its work and was at the Vatican for the launch of the report.

    Changing the way loans to developing nations are made, structured and restructured when a crisis occurs is essential because economic crises "are the main causes for war, for human rights violations, for migrations, for many of the environmental challenges that we are having," he told Catholic News Service June 19.

    Many people will say, "A debt that is owed is a debt that should be paid," LeCompte said, "but I think it's more complicated than that.""


  • Vatican Jubilee Commission Debt Relief Report Launched

    Over 30 Leading Experts Author Proposals for Placing People at the Center of Debt Decisions and Economic Policies

    Vatican City, Rome, Italy – A Vatican-commissioned report authored by more than 30 experts provides recommendations on global debt relief and economic policy. The group was convened by the late Pope Francis.

    “This report is a blueprint to solve the current global debt crisis, prevent future economic crises and create an economy that radically reduces poverty,” noted Eric LeCompte Executive Director of Jubilee USA Network and a Vatican advisor who is at the Pontifical Academy of Social Sciences for the report launch. "While debt relief and a just economy are at the center of Catholic teaching, this is the first report convened by a Pope that focuses on technical recommendations to achieve an economy that serves everyone."

    Nobel Prize-winning economist Joseph Stiglitz and former Argentine Minister of the Economy, Martín Guzmán, led the work of the expert group.

    Pope Francis reiterated the interfaith calls of Pope Benedict and Saint John Paul II on debt relief and economics, making these issues the focus of the Christian holy year of Jubilee 2025. Almost one year ago, LeCompte joined Pope Francis where the Pope delivered a hallmark speech on the needs for broad reforms on debt and the global economy. Pope Leo XIV continues the efforts of his predecessors. 

    "Developing countries spent a record $1.4 trillion paying debt in 2023 and too many countries spend more on paying debt than they do on the urgent needs of their people," shared LeCompte who serves on United Nations debt expert groups. "In African and low-income countries, debt payments are two-thirds higher than their combined spending on health, education and social services."

    According to the World Bank, more than 800 million people live in extreme poverty, over 100 million more that previously believed. The report calls for a range of reforms as a debt and poverty crisis that has been growing in the face of the pandemic, wars, cost-of-living and interest rate hikes rose to prominence in the agenda of global leaders in multiple forums. Proposals include greater transparency, IMF reforms, changes to laws in New York and the United Kingdom which govern private sector debt, improving debt contracts and an international bankruptcy system akin to the national bankruptcy courts that exist in most countries.

    “This report can move the G7, G20, IMF and United Nations to make short-term decisions to address the current crisis and lay a foundation to prevent future crises,” stated LeCompte.

    The first such gathering of world leaders comes days after the report release, as Spain hosts a UN-convened international conference on finance and development from June 30 through July 3. 

    “The experts who wrote this report are a critical part of the global Jubilee movement, which includes advocates in pews, development groups, conservatives, liberals and people of every faith,” shared LeCompte. 

    Read Pope Francis' June Jubilee 2025 debt focus speech here.

    Learn about the global Jubilee interfaith launches and December Holy See launch for Jubilee 2025 here.

    Read the report that goes live at 3:00 AM New York/DC time and 9:00 AM in Rome here.


  • Debt Bill Passes New York Senate, Stalls in Assembly as Legislative Session Ends

    New York Assembly Possible Passage Kicked to Next Year

    Washington DC – The New York State Assembly ended their 2025 session without passing a debt regulation bill known as “Champerty." 

    The bill that passed the New York Senate, but not the Assembly, would prevent companies from buying debt of poor countries with the purpose of suing. The legislation, A.643-A is sponsored by Assemblymember Jennifer Gonzalez-Rojas. Senator Liz Krueger sponsored the companion bill, S.1477 that passed the NY State Senate on June 4th.

    “The Assembly failed to vote on a bill that deals with the worst exploitative actors in the financial system, the so-called predatory vulture hedge funds," said Eric LeCompte, Executive Director of the religious and labor coalition Jubilee USA Network that worked on New York debt legislation since 2010. “At a time when developing countries struggle with skyrocketing debt payments, changes in New York law could really help.”  

    New York law oversees more than 50% of the world's private sector debt contracts with countries. The "Champerty" bill restores a protection for developing countries, that they previously had under New York law, to prevent predatory “vulture funds” from buying the debt of countries in crisis with the specific purpose of bringing legal action on the claim to collect in full.

    The legislation also cuts the interest rate creditors can accrue on their claims until litigation concludes, disarming another way lenders profit from poor country crises.

    “This is a sensible and modest initiative that helps countries abroad while alleviating food and fuel prices and supports job creation in the United States,” noted LeCompte.

    The bill remains pending until the New York Legislature resumes next year.


  • United Nations Finalizes Financing for Development Text To Be Approved at Spain UN Meetings

    Washington DC – New York-based country representatives of the United Nations approved the outcome text of a global conference on finance and development to take place in Sevilla, Spain. The “Compromiso de Sevilla,” (“Sevilla Commitment") now heads for formal adoption at the Fourth International Conference on Financing for Development (FFD) between June 30 through July 3rd.

    The document, covering finance issues ranging from debt to development aid, estimates that the financing gap to meet development goals amounts to $4 trillion annually.

    “This is a big moment for the international community to decide if it will mobilize the funding needed for development,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. LeCompte serves on United Nations debt expert groups. “The priority must be to protect the most vulnerable and address poverty while not increasing debt burdens.”

    At plenary presentations, roundtable dialogues and side events in Sevilla, governments and other stakeholders will unveil initiatives to complement and build upon the conference outcome document. Spain, the host country, shared that its call for such initiatives to feature in the “Sevilla Platform for Action” attracted more than 240 proposals.

    “The text is only one part of the package in a conference like this,” added LeCompte. “We still have time to make the outcomes of the conference more ambitious."

    The United States, which played leading roles and attended the previous three FFD conferences in Monterrey (2002), Doha (2008) and Addis Ababa (2015) did not endorse the text and announced it will not attend the Sevilla gathering. 

     


  • published G7 Summit Overshadowed by Middle East Conflicts in Press 2025-06-17 17:40:46 -0400

    G7 Summit Overshadowed by Middle East Conflicts

    Religious Groups Gather at G7 to Press Debt Relief and Economic Policy Decisions to Protect the Vulnerable 

    Faith Leaders Vow to Attend Future G7, G20, IMF and UN Meetings Until Jubilee Holy Year Debt Relief Goals Are Met

    Washington DC – The worsening conflict between Iran and Israel dominated the G7 Summit in Kananaskis, Canada. During the three-day heads of state meeting, a general customary communique was not issued. The group agreed on and released a joint “Statement on Recent Developments between Israel and Iran.” A focus for the leaders were discussions on the global economic situation, trade and debt.

    “Debt crises are hurting the entire global economy and worsening poverty in too many countries,” said Eric LeCompte, the Executive Director of the religious development organization Jubilee USA Network. “For 25 years the G7 has led the way on debt relief and improving the financial system. We need the G7 to take leadership again.”

    This month, the World Bank found that more than 800 million people live in extreme poverty, a number higher than previous estimates indicated. The number underscores the fragility of the recovery in many developing countries struggling with the post-pandemic aftermath and ensuing war, inflation and interest rate shocks. Religious groups are sounding alarms on these current financial and economic conditions as reported by the World Bank.

    "Faith groups in more than 160 countries launched 5 years of debt relief campaigns during the religious Holy Year of Jubilee 2025," shared LeCompte who advises a multitude of interfaith groups. "In the days leading up to the G7 Summit, groups representing the majority of the world's faith traditions gathered in the Canadian Rockies to urge rapid action."

    Faith leaders delivered more than 150,000 petitions to the G7 to end debt crises, prevent future crisis and make changes to the financial system to address poverty.

    “The G7 cares about how debt impacts poverty and global financial stability," stated LeCompte who serves on United Nations debt expert groups. "Reducing unsustainable debts is on the G7 agenda because debt crises increase everyone's food and fuel prices and harm everybody’s economic security."

    Read our Jubilee 2025 petition here.

    Read the G7 Leaders' statement on recent developments between Israel and Iran here.


  • Canada Leads G7 Summit Amidst Global Debt Challenges, Trade Concerns and Low Global Economic Growth

    Canadian Faith Groups, Global Faith Leaders and Jubilee USA Network Arrive in Canadian Rockies to Deliver 150,000 Petitions Urging G7 Leaders to Tackle Debt Crises

    Calgary, Alberta – On Sunday, prime ministers and presidents of G7 countries begin three days of talks in Kananaskis, Canada. Recently elected Canadian Prime Minister Carney presides over the gathering that US President Trump will attend.

    "As G7 leaders meet in the Canadian Rockies, we are wrestling with global economic uncertainty and debt challenges," stated Eric LeCompte, the director of Jubilee USA Network in Canada for the meetings. "The World Bank forecasts average global growth this decade to reach its lowest point since the 1960s."

    Canada hosts the 50th Anniversary G7 gathering in a year that Pope Francis and interfaith leaders declared the focus of the religious Jubilee Year of 2025 on debt relief and changes to the economy to address poverty. Faith leaders from across Canada and around the world are in Alberta to deliver more than 150,000 petitions to address debt crises.

    "Many wealthy countries are almost back to where they were before the pandemic hit, but most of the world's countries are predicted to take more than 20 years to recover," noted LeCompte who serves on United Nations debt expert groups. "Debt levels are rising as we experience challenges from high interest rates, cuts in development aid and uncertainty caused by tariffs."

    Last month, G7 finance ministers reaffirmed the importance of facilitating debt contract clauses that protect countries against a range of crises. Canada is one of the creditors that recently began inserting debt payment pauses for climate disasters in its own lending. With other G7 countries, a number of development banks are extending such provisions to more of their borrowers.

    “Improving debt contracts helps protect vulnerable countries facing crises," shared LeCompte. "Historically, the G7 has led the largest global debt relief initiative since the late 1990s and we need the G7 to enact more comprehensive debt solutions urgently."


  • published Relay of Hope, May 28, 2025 in Jubilee 2025 Hub 2025-06-11 12:30:08 -0400

    Relay of Hope, May 28, 2025

    Jubilee USA Network participated in the Relay of Hope, a global activity that Jubilee supporters worldwide carried out between May 24th and 28th. The Relay symbolizes, mimicking the relay of the Olympic torch, our intention to share hope around the world by carrying Pope Francis and interfaith leaders’ call for the forgiveness of unpayable debts.

    Find below resources from our DC-based Relay of Hope event that took place on May 28, 2025.

    Watch the full livestream recording here

    Read the opening prayer read by Chloe Noel, US Conference of Catholic Bishops

    Read the full reflection from Rev. Christina Cosby, Presbyterian Church USA

     

     

      

      


  • published Jubilee 2025 Hub in Debt Relief 2025-06-11 12:30:02 -0400

    Jubilee 2025 Hub

    Pope Francis declared 2025 a Jubilee year. In the years preceding 2025 Jubilee USA Network carefully organized for this moment with African and southern partners and international faith groups. We have launched Jubilee campaigns in more than 160 countries for the next five years. Our Jubilee 2025 efforts focus on the G20 in South Africa, the G7 in Canada, COP30 in Brazil and moving legislation in New York, the United Kingdom and Washington DC. 

    On Christmas Eve 2024 at the Vatican, we joined Pope Francis at St. Peter's as he included our Jubilee interfaith and labor movement calls in his homily. He raised our calls for global debt relief to end poverty, address inequality and heal our planet. On Monday, December 23rd, the Vatican Press Office and Dicastery for Communications hosted Caritas Internationalis and Jubilee USA Network to launch our global campaigns at a press conference in Vatican City off of St. Peter's Square.

    Watch our recorded press conference and Vatican Jubilee 2025 launch with Cardinal Silvano Tomasi, H.E. Ronald Lamola of South Africa, Lucy Esipila, Victor Cervantes Genina, Eric LeCompte, Caritas Africa and Caritas Oceania.

    This Vatican City Jubilee launch follows more than 6 months of Jubilee interfaith and labor movement launch events that we organized and supported in Brazil, across Africa, Azerbaijan, from San Diego to Chicago to Washington DC and in Rome.

    Looking Forward- G20 Pilgrimage & Interfaith Sermon Series:

    In 2026, as the U.S. prepares to host its first G20 since 2008, we are mobilizing Jubilee Congregations and Faith Communities through monthly Congregation calls that will feature a short sermon by faith leaders across the country.

     

    Other Jubilee2025 Selected Launch Event Links:

    Joint Africa Partner and Jubilee USA Network resources:

    African Faith Leaders Petition G7/G20 Finance Ministers

    Symposium of Episcopal Conferences of Africa and Madagascar Statement to IMF/ World Bank Annual Meetings 2023

    Symposium of Episcopal Conferences of Africa and Madagascar Statement to 56th Conference of African Finance Ministers

    Interfaith African Faith-Based Institutions Statement to Leaders Meeting in Nairobi for the International Development Association Heads of State Summit

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

    Special #Jubilee2025 and Jubilee movement interview at Brazil G20 Interfaith Forum with Jubilee USA's Eric LeCompte: Eric LeCompte G20 Interfaith Forum Interview

    Pope Francis, Holy See and Vatican Jubilee 2025 resources:

    Events:

    Further resources on our Jubilee 2025 campaign:

    Selected Press Articles and Media Resources:


  • Devex Invested Quotes Eric LeCompte Ahead of FfD4 in Seville

    Eric LeCompte, Executive Director of Jubilee USA was recently quoted by Devex Invested on the G20 Common Framework and the issue of debt ahead of the FfD4 in Seville, set to take place later this month. Read an excerpt below or the full article here

    Devex Invested: What we’re watching at Financing for Development in Seville

    By Jesse Chase-Lubitz

    "Debt is expected to be the flashpoint issue in Seville. Today, many of the world’s poorest countries have few options for restructuring crippling debt burdens. The Group of 20 major economies’ Common Framework for Debt Treatments has helped just a handful of countries, and is increasingly criticized for delays, power imbalances, and a lack of trust.

    Very few cases have successfully moved through the Common Framework. “Even though two-thirds of African countries, as well as low-income countries, are spending more on debt than on social services, education, and health combined, they continue to make payments because they don’t feel the framework will actually help them to quickly get out of the crisis,” Eric LeCompte, executive director of Jubilee USA Network, told me during a Devex Pro event last week."