Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who has monitored IMF meetings since 2010, releases the following statement on the IMFC Chair's statement and the IMF Meetings:

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

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

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

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

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

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

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

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