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Eli Kitchings published AP and Hundreds of Outlets Feature Eric LeCompte on the Global Economy's Warning Signs in Press 2020-10-15 15:06:43 -0400
AP and Hundreds of Outlets Feature Eric LeCompte on the Global Economy's Warning Signs
The IMF reported that the effects of the Coronavirus crisis threatens to leave long-lasting scars on the global economy. The Associated Press has featured Eric LeCompte's thoughts on the gravity of the situation and how this will affect developing nations. Read an excerpt below, and click here for the full story.
IMF warns global economy could be permanently scarred
The fall meetings of the IMF and its sister lending organization, the World Bank, were held virtually against a grim backdrop of the damage the pandemic has inflicted on the world. In its economic outlook, the IMF forecast that global growth would shrink 4.4% this year, which would mark the worst downturn since the Great Depression. And the World Bank forecast that the pandemic could send an additional 114 million people into extreme poverty, defined as living on less than $1.90 a day.
Eric LeCompte, executive director of the international aid group Jubilee USA Network, said more debt relief and and other steps must be taken.
“Wealthy countries, who are making decisions for the entire world about the crisis, are more insulated from the extreme shocks,” LeCompte said. “Nearly 90% of all global stimulus was spent in wealthy countries and less than 3% in developing countries.”
Read more here.
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Eli Kitchings published Eric LeCompte Quoted in Bloomberg and Yahoo Finance on the G-20's Extended Debt Relief Plan in Press 2020-10-14 16:04:23 -0400
Eric LeCompte Quoted in Bloomberg and Yahoo Finance on the G-20's Extended Debt Relief Plan
Bloomberg and Yahoo Finance included Eric LeCompte's thoughts on the G20 extending developing nations' debt into next year in response to the coronavirus crisis and its effects. Read an excerpt below, and click here for the full story.
G-20 Extends Debt Relief Plan Amid Warnings It’s Not Enough
The consequences for some countries are dire. The World Bank calculates that the debt of the poor nations eligible for the external debt relief initiative climbed to a record $744 billion last year. Nations are often forced to choose between servicing debt or spending on social and health programs.
“Debt payment relief for the poorest countries is good news, but it’s a short term solution,” said Eric LeCompte, the executive director of Jubilee USA Network, a non-profit group that advocates for debt relief for smaller economies.
“We’re disappointed not to have a stronger agreement on a permanent debt reduction process yet, but it’s hopeful that the G-20 is holding a special meeting on this process in the coming weeks.”
Read more here.
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Eli Kitchings published Eric LeCompte Quoted in Bloomberg on G20 Debt Relief in Press 2020-10-13 15:52:38 -0400
Eric LeCompte Quoted in Bloomberg on G20 Debt Relief
Bloomberg, Yahoo! News, and several other outlets included Eric LeCompte's thoughts on the G20 extending developing nations' debt into next year in response to the coronavirus crisis and its effects. Read an excerpt below, and click here for the full story.
G-20 Seen Extending Poor Nations’ Debt Relief Into Next Year
“Right now the consensus is through June, not the full year, but that’s one of the things that could change over the next few days,” said Eric LeCompte, the executive director of Jubilee USA Network, a non-profit group that advocates for debt relief for smaller economies.
The debt relief is a key theme at the annual meetings of the World Bank and International Monetary Fund being held virtually this week. The smaller Group of Seven last month backed an extension of the so-called DSSI, while signaling criticism for China for failing to fully participate. China is owed almost 60% of the money that the world’s poorest nations would be due to repay this year.
Read more here.
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Eli Kitchings published Reuters, Financial Post, and other outlets quote Eric LeCompte on G7 Finance Ministers' Meeting in Press 2020-09-25 15:38:46 -0400
Reuters, Financial Post, and other outlets quote Eric LeCompte on G7 Finance Ministers' Meeting
Reuters, the Financial Post, and other outlets quoted Eric LeCompte as G7 finance ministers backed an extension of a G20 temporary freeze in debt payments. Read more here.
G7 ministers back extension of debt freeze for poorest nations, urge reforms
by: Andrea Shalal, Tetsushi Kajimoto, Leigh Thomas
“Pressure is mounting on China,” said Eric LeCompte, a United Nations finance expert. “They’re being very specific here. All Chinese government entities should stop taking debt payments from poor countries.”
The ministers called again on private lenders to participate when requested, noting that their absence from the process has limited the potential benefits for several countries.
The G7 finance ministers’ backing for an extension will smooth the way for a decision by the larger G20, with a formal decision likely at their leaders’ summit in November.
Read more here.
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Eli Kitchings published White House Announces Puerto Rico Disaster Relief on Hurricane Anniversary in Press 2020-09-18 14:22:39 -0400
White House Announces Puerto Rico Disaster Relief on Hurricane Anniversary
Washington DC - The Federal Emergency Management Administration will award $13 billion in Puerto Rico disaster aid to rebuild the power grid and education facilities, announced the White House. The announcement comes near the three-year anniversary of Hurricane Maria slamming the island, taking 3000 lives and causing more than $100 billion in damage.
“Puerto Rico needs these funds to rebuild from hurricanes, multiple natural disasters, a debt crisis and rising joblessness and poverty,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA. “In order to fully recover, Puerto Rico will need more disaster aid and debt relief."
The US Territory dealt with a series of earthquakes earlier this year and continues to wrestle with the coronavirus pandemic.Last July, 11 religious leaders representing more than 95% of Puerto Rico’s population wrote Congress on the growing challenges facing the island. The letter asked for additional disaster recovery monies, measures to bring back manufacturing jobs to Puerto Rico and the authorization of $1.2 billion for Nutrition Assistance Program benefits that impact 1.5 million people on the island. The letter was 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.
Since 2015, Puerto Rico's religious leaders and Jubilee USA pressed Congress and the White House on debt relief. When Hurricanes Maria and Irma decimated Puerto Rico in 2017, disaster recovery efforts became intertwined with debt relief.
“Puerto Rico's debt crisis and natural disaster vulnerabilities are flip sides of the same coin,” LeCompte added. "Debt crisis solutions must ensure Puerto Rico is prepared to respond, withstand and recover from natural disasters and external shocks."
According to the White House, the additional recovery funds bring total Puerto Rico Hurricane Maria relief to $26 billion.
Read Jubilee USA's Puerto Rico religious leader press release.
Read the Puerto Rico religious leader letter.
Read the Puerto Rico release and letter in español.
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Eli Kitchings published WORT-FM Radio Interviews Eric LeCompte on Fed, Central Bank and UN Meetings, COVID Economic Relief in Press 2020-09-14 17:16:18 -0400
WORT-FM Radio Interviews Eric LeCompte on Fed, Central Bank and UN Meetings, COVID Economic Relief
Jan Miyasaki interviews Eric LeCompte on the WORT-FM Radio 8 O'CLOCK BUZZ segment. Eric discusses his recent meetings with both the Federal and Central Banks Retreat along with a UN COVID- 19 Relief meeting. Listen here.
Eli Kitchings
Building an economy that serves, protects and promotes participation of the most vulnerable. Working on #debt #tax #trade policies for the #CommonGood.