Washington DC - Student debt relief is now included in round the clock stimulus package negotiations on Capitol Hill. On Thursday, President Trump indicated that student debt relief measures passed in the Spring could be extended in the final Congressional package.

"During a crisis that rivals the Great Depression, the government can help 45 million Americans holding student debt," stated Eric LeCompte who directs the religious debt relief group Jubilee USA. "At minimum, Congress must extend debt payment relief through the end of the year. We'll need more relief, but this stimulus package should extend the debt payment moratorium."

On September 30th, the student debt payment suspension that Congress passed as part of the CARES Act stimulus package in the Spring, expires. The Act put in place 0% interest rates and stopped federal collection of student loans. More than 92% of all student loans are federal loans and top 1.5 trillion dollars of debt.

"We really need to start working on extending student debt relief through 2021, create debt cancellation processes for those struggling most and make sure the class of 2020 can also be included in debt relief measures," noted LeCompte whose organization leads campaigns to keep interest rates low on certain types of federal student loans. "While it's less than 8% of total student debt, it's critical that Congress also brings private sector student loans to the debt relief table too."

Private student debt amounts to $124.65 billion. The House of Representatives passed the $3 trillion HEROES Act stimulus package in May that included $10,000 of debt forgiveness for either federal or private student debt for borrowers deeply impacted by the crisis. The initial $1 trillion HEALS Act introduced by Senate Republicans this week did not include student debt relief measures.

"Currently, student loans are not addressed in a bankruptcy proceeding. Congress should extend bankruptcy protection to include student debt," said LeCompte.

Sol, one of the largest national newspapers in Portugal, talked with Eric LeCompte about the G20 postponing decisions on sovereign debt until the fall. Read the full story here.

G20 criticado por adiar decisão sobre extensão da moratória da dívida 

"Dada a gravidade da situação, esperávamos mais ação por parte do G20", resumiu o ativista Eric Lecompte, responsável pela ONG Jubileu USA Network, reagindo ao adiamento de uma decisão sobre a extensão da Iniciativa para a Suspensão do Serviço da Dívida (DSSI), anunciada em abril pelo G20 e que dura até final deste ano.

LeCompte disse que apesar da falta de um compromisso para a extensão da moratória, uma das principais expectativas sobre esta reunião do G20, liderado este ano pela Arábia Saudita, um dos aspetos positivos foi a linguagem, que é agora mais dura para com os credores privados.

"O comunicado do G20 diz que os líderes 'encorajaram fortemente' os credores privados a juntarem-se à iniciativa da suspensão da dívida, quando em abril apenas 'apelaram', e isto é importante porque alguns credores privados têm resistido a juntar-se a este processo de alívio da dívida", disse o ativista em declarações à agência de informação financeira Bloomberg.

Read more here.

Washington DC - Religious leaders representing over 95% of Puerto Rico's population wrote Congress urging that the island be included in the next stimulus plan. Job creation, disaster relief and protections for the vulnerable were lifted in a letter signed by leaders of the Catholic, Methodist, Lutheran, Christian (Disciples) and Evangelical Churches. The Puerto Rico Council of Churches, Catholic Charities (Caritas) and the General Bible Society also added their names to the letter to Congress.

"Nearly 60% of our children, US citizens, live in poverty in Puerto Rico. Our children are in vital need of Congressional action," wrote the religious leaders who included Roberto González, the Roman Catholic Archbishop of San Juan and Evangelical leader, Heriberto Martínez. "We encourage Congress to immediately implement measures to return manufacturing jobs to Puerto Rico, by adopting legislation that encourages pharmaceuticals to spur economic recovery and job creation in areas of high unemployment and poverty," the religious leader letter to Congress continued.

In the mid-2000s, Congress did not renew incentives for pharmaceutical jobs in Puerto Rico and tens of thousands of jobs were lost. In the letter to Congress, the religious leaders urged measures to restore these jobs and argued that Puerto Rico has skilled labor and capacity to help meet production needs for personal protective equipment and other supplies to confront COVID-19.

In 2015, Puerto Rico's religious leaders were the first to raise the alarm on the island's debt crisis and noted the loss of pharmaceutical jobs, in part, led to the crisis. Later, the leaders continually met with the White House and Congress leadership to move forward child poverty reduction and disaster and debt relief efforts.

The communication to Congress from the faith leaders comes as food benefits expire this week. Some funding for Puerto Rico's Nutrition Assistance Program (NAP) expires on July 31st and leaves 190,000 vulnerable people without food access benefits. In the age of COVID-19 and continuing natural disasters in Puerto Rico, the NAP program supports 1.5 million people or half of the current population.

"We are dealing with a crisis like no other and Puerto Rico should be included in the stimulus plan," said Jubilee USA Executive Director Eric LeCompte who advises Puerto Rico's religious leaders. "Congress can take action that benefits Puerto Rico's people and the fight against the coronavirus."

With supply chains for pharmaceutical coronavirus products stressed in the US, the religious leaders argue that production in Puerto Rico is a critical part of the solution.

The letter was signed by Felipe Lozada Montañez the President of the Puerto Rico Council of Churches and Emeritus Bishop of the Evangelical Lutheran Church, Miguel A. Morales Castro the General Pastor of the Christian Church (Disciples of Christ), Héctor F. Ortiz Vidal the Bishop of the Methodist Church, Reverend Enrique Camacho the Executive Director of Cáritas (Catholic Charities), Reverend Heriberto Martínez Rivera the General Secretary of the Puerto Rico Bible Society, Roberto O. González Nieves the Metropolitan Archbishop of the Roman Catholic Archdiocese of San Juan de Puerto Rico, Rubén González Medina the Bishop of the Roman Catholic Diocese of Ponce, Esteban González Dobles the former General Pastor of the Christian Church and Rafael Moreno Rivas the Emeritus Bishop of the Methodist Church.

Read the Puerto Rico stimulus religious leader letter to Congress here.

COVID Stimulus Package Must Ratify Debt Relief for Poor Countries: In April, together we won White House and Treasury support for 6 months of debt cancellation for the 25 poorest countries and a debt payment suspension for the 73 poorest countries. Now Congress needs to ratify and expand this debt relief. 

Call the Capitol Switchboard 202-224-3121 and ask for your Senators. You will need to call twice to reach each of your US Senators.

If you need help finding your Senators, you can ask the Capitol Switchboard attendant by telling them what state you reside or use this link.

Once you are connected, ask to leave a time-sensitive Stimulus Package message for your Senator.

"Thank you for taking my call. I live in the Senator's state and my address is______________. Please tell your boss, that the current Stimulus Package should include international development assistance. Specifically debt relief measures that are supported by the White House and US Treasury for the 73 poorest countries of the world must move forward. In addition, please support measures that can cancel debt and support accountable reporting to Congress on how debt relief helps these 73 developing countries address the severe health and economic impacts of the coronavirus crisis. Thank-you."

A steep budget cut for U.K. aid, the G-20 falls short on debt relief decisions, and the European Union’s pandemic aid package goes missing. Read an excerpt below, and click here for the full story.

UK aid cuts, G-20 debt delays, and the EU's budget deal: This week in development

By Michael Igoe

The U.K. government plans to cut its aid budget by $3.7 billion — a larger reduction than many expected — which was announced without consultation or explanation, critics say. The decrease, described in a letter from Foreign Secretary Dominic Raab to chairs of parliamentary select committees and first reported by Devex, amounts to roughly 20% of the country’s aid budget and reflects Prime Minister Boris Johnson’s direction to reduce aid in line with projected economic fallout from the COVID-19 pandemic. "Given the likely decrease in the size of the economy this year, the Prime Minister asked me to identify the changes needed to ensure we meet, but do not exceed the 0.7% commitment," Raab wrote, referring to the U.K. law that ties aid spending to gross national income. “What kind of people are we that we are taking steps to avoid spending more than we have to on aid in the midst of a global health and economic crisis?” Owen Barder, CEO of Precision Agriculture for Development, asked on Twitter. Some of the cuts are expected to take place immediately, and Raab wrote that the “package includes underspends, delaying activity and stopping some spend.” The government will also tailor its spending for the remainder of the year as it develops a “clearer economic picture.” Sarah Champion, chair of the International Development Committee, which monitors official development assistance spending, told Devex she is worried about “the speed at which these decisions have been made, the lack of transparency about what is being cut and why, and clearly the lack of consultation about it.”

The G-20 pushed decisions about further debt suspension or forgiveness off to the fall. The group of leading rich and developing nations met last weekend and discussed additional action but could not come to agreement. A communiqué from the G-20 meeting reported that 42 countries have requested to participate in the debt service suspension initiative announced in April, which means about $5.3 billion in debt payments will be deferred. The G-20 used stronger language to call on the private sector to participate in the debt freeze. Development advocates hoped to see at least an extension of debt relief, as well as conversations that would lay the groundwork for future debt forgiveness, action on helping cash-strapped middle-income countries, and discussions on issuing International Monetary Fund special drawing rights. “Given how severe the crisis continues to be, we hoped that would see at least some minimal action,” Eric LeCompte, executive director of the Jubilee USA Network, told Devex. The G-20 got caught up in politics and could not build the consensus it needed to make a decision, he said, adding that delays in decision-making could cost lives and create difficulties for countries planning their finances.

European Union leaders agreed to a long-awaited budget deal on Tuesday, adding an $860 billion pandemic recovery fund to a seven-year, $1.24 trillion budget. The deal left some development advocates underwhelmed, as it included only a slight increase in external spending — from an estimated $113 billion in the previous cycle to $114 billion for 2021-2027. The European Commission had previously proposed an additional $18 billion development and humanitarian spending package, but this proposal disappeared over the course of difficult negotiations among states grappling with the economic shock of the pandemic. Andrew Sherriff, head of the European external affairs program at the European Centre for Development Policy Management think tank, told Devex the outcome was disappointing, given “the rhetoric of the Geopolitical commission, COVID-19's global impact, addressing climate change and much talk about an enhanced partnership with Africa,” though he noted that external spending fared better in the negotiations than some other budget lines. Others pointed to silver linings including a digital levy, environmental taxes, and a possible financial transaction tax.

Read more here.

Jubilee USA Executive Director Eric LeCompte's comments were featured by hundreds of outlets Friday ahead of the G20 finance minister meeting being held on July 18. Read an excerpt below and find the full story here.

G-20 May Now Look Beyond Initial Debt Relief to Poor Nations

By Eric Martin and Marton Eder

However, charities including Oxfam said the relief so far to the world’s poorest nations is “woefully inadequate.” Saturday’s discussions could touch on extending the debt pause beyond 2020 and adding middle-income countries, said Eric LeCompte of Jubilee USA Network, a nonprofit group that advocates for debt relief for smaller economies.

France’s main priorities for the meeting will be to extend the moratorium on debt service for the poorest countries to 2021 and encourage international negotiations for digital and minimum taxation, Finance Minister Bruno Le Maire said. Discussion regarding a new allocation of special drawing rights at the IMF will likely remain on the table, according to a finance ministry official.

A proposal to increase these reserve assets, which would boost the IMF’s lending power, was blocked by the U.S. at the lender’s April meeting. However, China’s central bank governor on Thursday called on the IMF to use a new issue of SDRs to help developing countries.

Read more here.

Washington DC - Ahead of Saturday's G20 Finance Minister meetings, a wide range of 213 organizations is pressing for more action to confront the global health and economic impacts of the coronavirus. The largest religious bodies in the United States and Africa were joined by the biggest labor unions, human rights, environmental and anti-poverty groups in letters sent to the G20, IMF and White House.

In the letters, the groups call for debt cancellation for developing countries, more aid for countries, new processes to prevent financial crisis and measures that confront tax evasion and corruption.

"The coronavirus destroys lives and livelihoods and a growing coalition wants to see stronger action on the current crisis and new rules to stop future crises," noted Eric LeCompte the Executive Director of the religious organization that organized the G20 letter, Jubilee USA Network. "Many of the faith groups who signed the letter never signed a letter like this before. The impact of this crisis on vulnerable people propels communities to call for urgent action."

Counting their membership in the millions, labor unions including the United Steelworkers (USW), American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) and American Federation of State, County and Municipal Employees (AFSCME) joined the faith groups in the G20 letter. Other signers include Human Rights organizations like Amnesty International USA and Pax Christi and also environmental advocates ranging from Amazon Watch to Friends of the Earth. Development groups were represented on the Jubilee USA letter such as American Jewish World Service, American Friends Service Committee, Bread for the World, Action Aid, Oxfam, Islamic Relief USA, RESULTS and Health Gap.

Major religious institutions led the Jubilee USA G20 letter including: The All Africa Conference of Churches, National Council of Churches, Religious Action Center of Reform Judaism and the Episcopal, Evangelical Lutheran, Presbyterian, Methodist and United Church of Christ Churches. The Unitarian Universalist Association and the largest representations of Quaker communities and Buddhist consortiums are on the letter. The US Conference of Catholic Bishops sent a separate joint letter with Jubilee USA and Pope Francis continues to push for measures outlined in the statement to the G20.

The majority of signers on the letter were churches, synagogues, dioceses and religious congregations representing small towns and urban centers. 

"The G20 will make decisions this weekend that affect the survival of billions of vulnerable people confronting the pandemic," stated LeCompte who serves on United Nations finance expert groups. "We've seen progress in getting aid to many people that need it, but we need to mobilize a lot more resources for people to confront the crisis."

The United Nations estimates that 265 million more people are facing famine due to the coronavirus crisis. The International Labor Organization says 400 million jobs will be wiped out and the IMF asserts the current economic crisis rivals the Great Depression.

Jubilee USA began meeting with world leaders and generating tens of thousands of messages on the crisis in February. In March, the leadership of Jubilee USA outlined a coronavirus response plan for the IMF and G20.

In April, the IMF and G20 agreed to cancel 6 months of debt payments for the 25 poorest countries and create a plan for 73 countries to suspend debt payments for 2020.

"This weekend the G20 considers increasing more debt relief for countries already benefiting and other developing countries who've been left out so far," stated LeCompte. "The private sector has resisted participating and that's on the G20 agenda too. Finally they'll discuss accessing trillions of dollars in global reserve funds or the Special Drawing Rights. These are resources we need immediately."

Read the Jubilee USA letter to the G20, IMF and White House signed by 213 groups.

Read Jubilee USA's March coronavirus response plan letter.

Read Jubilee USA Director Eric LeCompte's June 2nd address to the special session of the United Nations on coronavirus crisis solutions here.

Bond Buyer features Eric LeCompte in their article on Puerto Rico's economy. Read more here.

Puerto Rico experts, participants discuss its future

By: Robert Slavin

Jubilee USA Network Executive Director Eric LeCompte also focused on the island’s children, saying that budgets must reduce the high child poverty rate on the island.

Many said the future was unclear.

Read more here.

Washington DC - The G20 and Paris Forum convened a global virtual High-Level Ministerial conference for 39 countries focused on the economic, debt and development impacts of the coronavirus. 

"The meeting offered recommendations to the G20 as it tries to build consensus on next steps for dealing with the coronavirus economic impacts," noted Eric LeCompte, a United Nations finance expert and the Executive Director of the religious development group Jubilee USA. "G20 Finance Ministers meet next week and will move forward decisions on debt relief and development aid for developing countries."

In April, the G20 moved forward a plan to suspend debt payments for 73 of the world's poorest countries. 41 of the 73 countries are accepting the relief.

"Next week's G20 meeting will focus on extending the debt payment suspension into 2021," said LeCompte. "While suspending the debt payments will generate billion of dollars for poor countries to deal with the coronavirus, the G20 plan still faces challenges. Not all G20 countries are fully participating and the private sector and commercial banks won't commit to join in debt relief measures. We also have the whole category of developing Middle Income Countries who are left out of debt relief plans."

The July 8th, High-Level Ministerial Conference, "Tackling the COVID-19 Crisis, Restoring Sustainable Capital Flows and Robust Financing for Development," included speeches from the heads of the IMF and World Bank. The World Bank's David Malpass called on China's Development Bank to join the debt suspension and he noted that some countries will need debts permanently reduced. Kristalina Georgieva, the head of the IMF, urged world leaders to start to look more closely at the challenges that Middle Income Countries like tourism dependent small island states face.

"The coronavirus crisis is destroying livelihoods and economies," noted LeCompte. "Expanding and increasing debt relief so people can survive the economic and health impacts of the crisis is essential for the developing world."

Read the conference agenda as a PDF here.

Bond Buyer quoted Eric LeCompte on his thoughts on PROMESA and Puerto Rico. Read more here.

PROMESA after four years: Key questions remain

By: Robert Slavin 

For others the measure of failure is quite simple.

Attorney John Mudd said after four years there should have been an approved plan of adjustment for the central government debt. Jubilee Executive Director Eric LeCompte said all of the debt restructuring should have been completed by now. Mudd is an attorney for unsecured creditor Servicios Integrales en la Montaña in the bankruptcy as well as a long-time commentator on the board and the bankruptcy.

Advantage Business Consulting President Vicente Feliciano said PROMESA prevented debt restructuring from going into a tailspin.

Read more here.

My organization, Jubilee USA Network, coordinated 100 faith communities and organizations to urge Congress to pass strong transparency measures that reveal the true ownership of these anonymous companies. In the attached anti-money laundering support letter, please see a listing of these groups that include some of the largest religious institutions and groups in the United States, including: Christian Church (Disciples of Christ), The Episcopal Church, The Evangelical Lutheran Church in America, The National Council of Churches, The Presbyterian Church (USA), The United Church of Christ, The United Methodist Church - General Board of Church and Society, Catholic religious orders and Jewish, Christian and Muslim communities.

As you know, this amendment is sponsored by Senators Mike Crapo (R-ID), Sherrod Brown (D-OH), Tom Cotton (R-AR), Mark Warner (D-VA), Mike Rounds (R-SD), Doug Jones (D-AL), Jerry Moran (R-KS), Bob Menendez (D-NJ) and John Kennedy (R-LA).

While we believe the adoption of this measure is a positive step forward to protect the vulnerable and improve transparency, we look forward to continuing to work with you to further strengthen this and related transparency initiatives.

I am grateful for your public service. Please know that I and our member institutions continue to hold you in prayer as you make critical decisions for our country and on behalf of those who are most vulnerable.

Gratefully,

Eric LeCompte
Executive Director
Jubilee USA Network

CC: US Senate Members
Enc: Attached Letter


June 29, 2020

Dear Senator,

“When the righteous increase, the people rejoice, but when the wicked rule, the people groan.” --- Proverbs 29:2

As communities of faith, we are grateful for your public service and we pray for your efforts daily. We are grateful for the efforts you've supported of Jubilee USA Network to build a more accountable and transparent economic system.

We write to urge you to support legislative actions in line with our faith - Jubilee legislation that promotes transparency, fights corruption and protects the vulnerable.

In particular, we invite you to cosponsor the Corporate Transparency Act and the ILLICIT Cash Act, which reveal the true owners of anonymous shell corporations to law enforcement.

This legislation is essential as it:

• stops ways that human traffickers hide and make profits
• prevents the exploitation of vulnerable communities in the United States through Medicaid and Medicare fraud
• curbs the theft of development and debt relief aid
• reveals theft from corrupt foreign governments of public monies
• can help raise revenue in the developing world

We are thankful for your support of these vital pieces of Jubilee legislation that protect and lift the vulnerable.

Signatories below as of 6/29/20

Denominations and Denominational Representations
Christian Church (Disciples of Christ)
The Episcopal Church
The Evangelical Lutheran Church in America
The National Council of Churches
The Presbyterian Church (USA)
The United Church of Christ
The United Methodist Church, General Board of Church and Society

Religious Institutions, Faith Organizations and Denomination Offices
Africa Faith and Justice Network
Africa Women and Youth Initiative
United Methodist Women
Daughters of Charity USA
Franciscan Action Network
Columban Center for Advocacy and Outreach
American Friends Service Committee
Church of the Brethren Office of Peacebuilding and Policy
Disciples Center for Public Witness
Disciples Home Missions of the Christian Church (Disciples of Christ)
Jubilee USA Network
Leadership Conference of Women Religious
Pax Christi USA
Sojourners
United Church of Christ, Justice and Witness Ministries

Congregations, Faith Communities and Religious Groups
All Saints Episcopal Church -- Salt Lake City, UT
Ascension Lutheran Church -- Thousand Oaks, CA
Athens Catholic Community Peace and Justice Committee -- Athens, OH
Bernardine Franciscan Sisters -- Reading, PA
Bethel Lutheran Church -- Los Angeles, CA
B'nai Harim -- Pocono Pines, PA
California Lutheran University
Central Pacific Conference United Church of Christ -- OR
Congregation Gates of Heaven -- Schenectady, NY
Crossroads United Church of Christ -- Indianola, IA
Dominicans of Sinsinawa -- Sinsinawa, WI
First Congregational Church of Alameda, CA
First Congregational Church of Chicago UCC
First Presbyterian Church -- Portland, OR
Grey Nuns of the Sacred Heart -- Philadelphia, PA
Harbor House -- Thousand Oaks, CA
Holy Spirit Missionary Sisters, USA JPIC -- Waukegan, IL
IHM Sisters - Justice, Peace and Sustainability Office -- Monroe, MI
Immanuel Lutheran Church of Los Altos, California -- Los Altos, CA
Interfaith Worker Justice, New Mexico
InterReligious Task Force On Central America and Colombia -- Cleveland, OH
Iowa City Pax Christi -- IA
Jubilee Albany Capitol Region, NY
Jubilee Massachusetts
Jubilee Northwest -- Seattle, WA
Jubilee San Diego
Jubilee Southern California
Jubilee Ventura County -- CA
Jubilee Vermont
Lutheran Office of Public Policy -- California
Mary House Inc -- New Providence, NJ
Messiah Lutheran Church -- Schenectady, NY
Middlebury Friends Meeting -- Middlebury, VT
Mission Committee of the First Trinitarian Congregational Church (United Church of Christ) -- Concord, MA
Missionary Oblates of Mary Immaculate
Mount Tabor Lutheran Church -- Salt Lake City, UT
Muslims for Economic Justice
Nicaragua Center for Community Action -- Berkley, CA
Pax Christi Dallas -- TX
Pax Christi Florida
Pax Christi Hazel Crest -- IL
Pax Christi Hilton Head -- SC
Pax Christi Illinois
Pax Christi Metro New York
Pax Christi San Antonio -- TX
Franciscan Sisters of the Atonement -- Garrison, NY
Global Justice Institute, Metropolitan Community Churches -- New York, NY
St. John's Episcopal Church -- Chicago, IL
Prince of Peace Lutheran Church -- Philadelphia, PA
Congregation of the Sisters, Servants of IHM -- Scranton, PA
St. Pius X Catholic Church -- Portland, OR
La Vista Ecological Learning Center -- Godfrey, IL
Pax Christi Pacific Northwest -- Seattle, WA
Pax Christi Seed Planters -- Crete, IL
Pax Christi St. Maurice/Broward Florida
Pax Christi Western NY
Peace Lutheran Church -- Danville, CA
Pilgrim United Church Of Christ -- Carlsbad, CA
Provincial Council Clerics of St. Viator -- Las Vegas, NV
Roswell Presbyterian Church -- Roswell, GA
Saint Mark's Episcopal Cathedral -- Seattle, WA
San Dieguito United Methodist Church -- Encinitas, CA
Sinsinawa Dominican Peace and Justice Office -- WI
Sisters of Charity of Leavenworth JPIC Office, KS
Sisters of Charity of New York
Sisters of St. Francis of Philadelphia -- Aston, PA
Society of the Holy Child Jesus -- Philadelphia, PA
Sisters of Mercy of the Americas - Institute Justice Team -- Silver Spring, MD
Glenmary Home Missioners -- Cincinnati, OH
Sisters of Providence Office of Peace, Justice, and Sustainability -- St Mary-of-the-Woods, IN
South Coast Interfaith Council -- Long Beach, CA
South East Area Mission and Justice Committee of the Massachusetts Conference of the United Church of Christ -- Framingham, MA
St. Alban's Episcopal Church -- Albany, CA
St. Mary's Episcopal Church -- New York, NY
Temple Beth El of South Orange County -- Aliso Viejo, CA
The River Church South -- Quincy, MA
University Christian Church (Disciples of Christ)/United Church of Christ -- San Diego, CA
Ursuline Sisters of Cleveland -- Cleveland, OH

You can download a PDF version of the letter here

Catholic Profiles interviewed Eric LeCompte on the mission of Jubilee USA Network. Read more here. 

An Interview with Eric LeCompte

By: Gordon Nary

Gordon: When were you appointed as Executive Director of Jubilee USA Network, and what have been some of the most rewarding experiences that you have had to date?

Eric: I took over the reigns of Jubilee USA in April 2010. Working at Jubilee USA is a fulfillment of my Catholic vocation. The most rewarding experience of my career is working with, supporting and advising Catholic and other Christian, Jewish and Muslim leaders. Working with the Bishops and Catholic religious orders of the United States, Caribbean, Puerto Rico, Africa, and Latin America as well as major interfaith leaders in all of these regions can only be described as a gift.

Together this interfaith work has had unprecedented results. We’ve moved forward major policies to address the structural causes of poverty - debt, tax, and trade issues. In Africa, our efforts brought aid and debt relief monies to confront the Ebola epidemic that hit Sierra Leone, Liberia and Guinea. We created a new process at the International Monetary Fund that strengthened healthcare and built new hospitals across the region.

Read more here.

 English-Spanish translation (by Zoom streaming)

Spanish version

Curing the Coronavirus Health & Economic Crisis in Developing Countries & Emerging Resilient as a Global Community;

Injecting Special Drawing Rights & Zero Debt Solutions

Global Webinar

June 25^th 

19:30 New Delhi • 16:00 Harare • 15:00 London • 10:00AM Washington DC  

11:00AM Buenos Aires • 9:00AM Quito • 16:00 Brussels • 14:00 Accra • 23:00 Tokyo

Developing countries faced debt and financial crisis prior to COVID-19. Inequality exacerbates the economic crisis spurred by the coronavirus in developed and developing countries. Too many countries, due to austerity policies, wrestled with weakened health systems and soaring unemployment before the coronavirus hit. Over 110 countries seek emergency support. The suspension of debt payments for a few countries is not enough to get through the crises, let alone being able to achieve the Sustainable Development Goals to end poverty and address inequality. Development aid, boosting tax revenues, curbing tax evasion and corruption are necessary, but cannot deliver enough resources or the urgent resources needed.

The United Nations Secretary General and UN agencies, African Finance Ministers, the International Monetary Fund, many countries and civil society organizations, call for a new and large issuance of IMF Special Drawing Rights (SDRs) to offer efficient, unconditional and rapid means of providing liquidity to all developing countries.

Accessing these critical global reserve funds requires the IMF Executive Directors and the G20 to make an urgent decision that impacts every person in the world.

Panelists

The Honorable Minister for Finance of Ghana, Ken Ofori-Atta (TBC)

Andres Arauz, former Director of the Central Bank of Ecuador

Patricia Miranda, Global Advocacy Director, Latindadd

Jean Saldanha, Executive Director, Eurodad

Matthew Martin, Advisor of OIF Finance Ministers and Director of Development Finance International

Eric LeCompte, Executive Director, Jubilee USA Network (Moderator)

During this webinar, we will address:

• What are SDRs, how are they issued, and how do they work?
• Why were they issued in previous global financial crises, like 2008?
• How do SDRs benefit low and middle income countries to fight the current health, economic and social crisis?
• What is the amount of financial reserves that is needed?
• What is the process of distributing SDRs from developed to developing countries?
• What, if any, power do these actions give the IMF over countries?

Register here: https://zoom.us/webinar/register/8315924362490/WN_Coyl6vuPREeAIFHNzYKdoA

For more information, contact [email protected].