Business Day quotes Eric LeCompte on the solutions to the developing country debt crises at the IMF and World Bank. Read the excerpt below and click here for the full article. 

Will World Bank, IMF rescue developing economies from growing debt conundrum?

By Kadiri Abdulrahman

At the Marrakech meetings, a coalition of faith-based organisations, Jubilee USA, urged the World Bank and the IMF to stop the debt and food crises of low-income nations.

Eric LeCompte, Executive Secretary of the group, said that it could be done by stopping the “ridiculous policies” of raising interest rates.

According to him, development banks can help address debt crises by ensuring that debt contracts have clauses where debt payments stop in the face of disasters and by promoting swaps, transparency and accountability.

Read more here.

World leaders, finance ministers, business groups, academics and development organizations descend on Marrakesh, Morocco, for the IMF and World Bank Annual Meetings. IMF head Kristalina Georgieva reports that the global economy lost $3.7 trillion due to shocks since 2020 and that slow and unequal growth continues. 

“Debt, climate issues and poor economic growth top the agenda during these meetings,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. LeCompte is in Marrakesh for the IMF and World Bank meetings. “It's important that we are meeting in Africa where the average income hasn't changed since 2015 and the region is dealing with a serious climate crisis."

This is the first time since 1973 in Kenya that the IMF and World Bank Annual Meetings have taken place in Africa. The IMF, World Bank, G20 and G7 meet October 9th through 15th.

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

Join Jubilee USA and partners for IMF and World Bank event: "Defusing the Debt Time Bomb: The Role of an Effective Crisis Prevention and Resolution Architecture." More information here.

Ghana Business News highlights key proposals from Jubilee USA and partners' "The Role of FBIs and the Media in Securing an Inclusive Economic Recovery and Debt Relief" workshop in Accra, Ghana. Read an excerpt below, or the full article here.

Multi-Faith Network leaders call for transparency in IMF bailout funds utilisation 

A Coalition of Multi-Faith Network leaders, has called for equity, inclusion, transparency, and good governance on the utilisation of the International Monetary Fund (IMF) bailout funds for Ghana. 

The Coalition in a Communique read by Hajia Ayishetu Abdul-Kadiri, the Chairperson, Faith in Ghana Alliance, reiterated the importance of transparency, accountability and good governance in managing and utilising funds received through the IMF bailout.  

The Communique, which was issued in Accra, at the end of an advocacy workshop for Faith-Based Institutions (FBIs), News Editors and Reporters said the resources’ responsible and ethical use would foster trust and confidence in the government’s commitment to inclusive economic recovery. 

The workshop, organised by Caritas Ghana in collaboration with Caritas Africa and Jubilee USA Network was on the theme: “The Role of FBIs and the Media in Securing an Inclusive Economic Recovery and Debt Relief.” 

Read more here.

News24 quotes Eric LeCompte on the Sustainable Development Goals and how public debt effects their achievement. Read an excerpt below, or the full article here.

The UN can talk SDGs all it wants, without money it means little for Africa, experts warn

By Lenin Ndebele

The UN General Assembly (UNGA78), currently underway, is spending much of its time on topics such as democracy, environmental protection, and the 2030 Sustainable Development Goals (SDGs).

But without money, that was just empty talk, experts have warned.

"In 2015, the international community won a historic agreement on goals to lift countries out of poverty and protect our planet," said Eric LeCompte, the executive director of religious development group Jubilee USA.

Defined as "a shared blueprint for peace and prosperity for people and the planet, now and into the future", the SGDs are a set of 17 interconnected goals.

Read more here.

News24 quotes Eric LeCompte on the G20 and countries' debt effects on reaching the Global Development Goals. Read an excerpt below and click here for the full story.

Africa in the G20: The good, the bad, and the changing climate

By Lenin Ndebele 

Africa is the poorest and most climate-vulnerable region of the globe. And now it forms part of the powerful Group of 20 - technically making it the G21 - via the inclusion of the African Union (AU).

That, some believe, can change a lot of things. 

"This membership, for which we have long been advocating, will provide a propitious framework for amplifying advocacy in favour of the continent and its effective contribution to meeting global challenges," said AU chairperson Moussa Faki Mahamat in a statement.

Africa's primary difficulties were addressed in the New Delhi Declaration, which marked what has been widely regarded as the most progressive G20 summit since the group was founded in 1999 to debate global economic and financial issues.

Read more here.

Eric LeCompte speaks with Mark Dunlea from Hudson Mohawk Magazine on the New York Taxpayer and International Debt Crises Protection Act (S4747, A2970). Listen to the full interview here.

Jubilee USA Pushes NY To Enact International Debt Relief Law

As the world’s leading financial center, NY law governs the majority of the developing world debt contracts. Third world debts have grown unsustainably large as COVID, climate change, and the war in Ukraine have worsened these nation’s financial conditions. Eric LeCompte of Jubilee USA Network explains how the NY Taxpayer and International Debt Crises Protection Act would help remedy this problem. With Mark Dunlea for Hudson Mohawk Magazine.

Observers Assert that Meetings were Lost Opportunity

Photo Opportunities of hundreds of paper chains and Sukkah Raising Friday and Saturday Outside IMF and World Bank (schedule below)

Jubilee USA, IMF and World Bank Press Conference
Friday, October 14th, 2:15 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, October 14th

10:00 AM: Raising the Sukkah 2:00 PM: Opening Prayer Service Reverend Dr. Susan Henry-Crowe, General Secretary, The United Methodist Church General Board of Church and Society 2:15 PM: Press Conference 2:45 PM: Teach-In Ktjel Abildnes, Norwegian Church Aid Elise Bean, Director, Washington Office of Levin Center, Wayne Law, author and former lead investigator for Senator Carl Levin Daniela Berdeja, Latin American Network on Social and Economic Justice Tom Cardamone, Global Financial Integrity Imani Countess, US/Africa Bridge Building Project Iolanda Fresnillo, European Network on Debt and Development Tim Jones, Debt Justice UK Matti Kohonen, Financial Transparency Coalition Richard Kozul-Wright, Director, Globalization and Development Strategies Division, United Nations Conference on Trade and Development (UNCTAD) Katherine Marshall, Interfaith 20 and Berkley Center on Religion, Peace and World Affairs Matthew Martin, Debt Relief International Patricia Miranda, Latin American Network on Social and Economic Justice Rick Rowden, American University 5:15 PM: Closing Prayer Service Susan Gunn, Director, Maryknoll Office for Global Concerns

Protecting Lives, Livelihoods and Planet

October 14-15, 2022

 

Where:

Outside IMF and World Bank, Community Park 1824-1884 H St NW, Washington, DC 20006.

Schedule for Friday, October 14th

• 10:00 AM – 11:45 AM: Raising the Sukkah
  
  
  • Elise Bean, Director, Washington Office of Levin Center, Wayne Law, author and former lead investigator for Senator Carl Levin
    
    
  • Abby Nash, Senior Director of Campaigns, Jubilee USA Network 
    
    
  • Yolanda Savage-Narva, Assistant Vice President, Racial Equity, Diversity, and Inclusion (REDI) for the Union for Reform Judaism
    
    
  • Damon Silvers, Special Counsel and Senior Adviser, Jubilee USA Network
    
    
• 2:00 PM: Opening Prayer Service
  
  
  • Reverend Dr. Susan Henry-Crowe, General Secretary, The United Methodist Church General Board of Church and Society
    
    
• 2:15 PM: Press Conference
  
  
  • Reverend Dr. Susan Henry-Crowe, General Secretary, The United Methodist Church General Board of Church and Society
    
    
  • Patricia Miranda, Latin American Network on Social and Economic Justice
    
    
  • Eric LeCompte, Executive Director, Jubilee USA Network
    
    
• 2:45 PM: Teach-In
     
  Speakers include: 
  
  
  • Ktjel Abildnes, Norwegian Church Aid
    
    
  • Daniela Berdeja, Latin American Network on Social and Economic Justice
    
    
  • Aldo Caliari, Senior Director of Policy and Strategy, Jubilee USA Network 
    
    
  • Tom Cardamone, Global Financial Integrity
    
    
  • Imani Countess, US/Africa Bridge Building Project
    
    
  • Iolanda Fresnillo, European Network on Debt and Development
    
    
  • Tim Jones, Debt Justice UK
    
    
  • Gary Kalman, Executive Director, Transparency International U.S.
    
    
  • Matti Kohonen, Financial Transparency Coalition
    
    
  • Richard Kozul-Wright, Director, Globalization and Development Strategies Division, United Nations Conference on Trade and Development (UNCTAD)
    
    

  • Katherine Marshall, Interfaith 20 and Berkley Center on Religion, Peace and World Affairs
    
    

  • Matthew Martin, Debt Relief International
    
    

  • Patricia Miranda, Latin American Network on Social and Economic Justice
    
    

  • Rick Rowden, American University
    
    

• 5:15 PM: Closing Prayer Service
  
  
  • Susan Gunn, Director, Maryknoll Office for Global Concerns

Schedule for Saturday, October 15th

• 9:00 AM - 12 PM: Vigil
  
  
• 12:00 PM: Break the Chains of Debt: Paper Chains and Messages Delivered to IMF and G20
  

Register at Jubilee USA IMF/World Bank Mobilization Registration Form

Follow the livestream here. 

New York and US Taxpayers, Global Economy Benefit from Legislation

Religious and labor leaders explained that New York laws can provide debt relief for countries struggling from the pandemic and shocks from the Ukraine war. Speaking at a press conference in the New York State Capitol Building, they expressed support for legislation introduced by Assemblymember Patricia Fahy, Chair of the Banks Committee.

“New York is the world’s global financial hub — positioning us well to enact basic changes that will ensure debt relief for developing nations through investments in sustainable growth, infrastructure and more,” said Fahy. “Not only will this legislation protect U.S. taxpayers, it will spur new development and growth within the global economy, reduce stress on international supply chains, and establish clear strategies for growth in nations burdened by massive amounts of debt.”

The New York Taxpayer and International Debt Crises Protection Act (A. 10595) ensures private creditors participate in debt relief initiatives at the same level as the US government, other governments and other creditors. Over 50% of the world's debt held by private creditors is contracted under New York State law.

“The pandemic pushed many developing countries into debt and economic crises,” stated Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. “Countries can get help resolving debt crises under New York law and the new legislation ensures countries get the relief they need. Because we trade with these countries, resolving debt crises helps resolve supply and economic shocks that we face at home.”

At 7:00 PM ET, Jubilee USA Network hosts a panel discussion featuring Fahy and LeCompte. Speakers include, Rabbi Matthew Cutler, Congregation Gates of Heaven Synagogue; Rev. Dustin Longmire, Messiah Lutheran Church of Schenectady, New York, and former President of the New York Council of Churches; Rev. Nicolle D. Jean-Simon, Pastor of Duryee Memorial African Methodist Episcopal Zion Church and NAACP President of Schenectady Branch #2175; Rev. Dr. Amaury Tanon-Santos, Executive Director of Schenectady Community Ministries and President of the Labor Religion Coalition of NY State; and Ron Deutsch, Executive Director of New Yorkers for Fiscal Fairness.

Watch livestream event “Funding Food, Vaccines and the Environment in Developing Nations,” at 7:00 PM ET.

Read NYS Assemblymember Patricia Fahy’s Office Press Release here.

View the NY Taxpayer and International Debt Crisis Protection Act and Bill Memo here.

Read a previous Jubilee USA press release on the bill here.

Eric speaks with WORT 89.9 a Madison, WI public radio on student debt cancellation. Hear the full interview here. 

LeCompte: How Student Debt Cancellation Affects Communities

AUGUST 31, 2022 BY 8 O'CLOCK BUZZ

The Jubilee USA Network works on the debt, tax, transparency and trade policies that impact our lives, communities and world. Jubilee’s Executive Director, Eric LeCompte, talks with Jan Miyasaki about the broad community-wide effects of Biden’s student debt cancellation.

Inflation, Recession and Developing Country Debt Top Agenda of Jackson Hole Meeting

The future of interest rates and the threat of stagflation – a phenomenon where the economy and jobs shrink while inflation rises -- dominate the agenda at a three-day global central bank retreat starting on Thursday. This year’s traditional Jackson Hole, Wyoming symposium gathers the US Federal Reserve and other world central banks under the theme "Reassessing Constraints on the Economy and Policy."

“The meeting is focused on trying to tame inflation without causing more harm for developing countries in crisis,” said Eric LeCompte, Executive Director of the development group Jubilee USA Network. “We are reminded by the challenging decisions world leaders faced with the economy in the 1970s. At this point with greater threats to the global economy, we are in uncharted waters."

The US Federal Reserve raised interest rates more than two percentage points since the beginning of the year and consumer prices rose the fastest in four decades. The combination of interest rate increases and a strong dollar raises debt levels in developing countries. In July the IMF reported that debt in 60 percent of the poorest countries and 30 percent of emerging middle-income economies reached critically-high levels.

“While lowering inflation is important, we need to keep in mind the global impacts of increased debt, food crises and supply shocks that can undermine the economic stability we hoped to achieve through lower inflation,” shared LeCompte.

On Friday, G20 finance ministers descend on Bali, Indonesia, to discuss a global economy impacted by the pandemic, Ukraine war, high country debt levels and rising inflation. Food shortages, climate and tax issues will also be on the agenda at the two-day talks.

Leaders Urge Debt Relief for Developing Countries

African Religious Groups Call on G7 to Address Poverty

In a concluding statement of the G7 Summit in the Bavarian Alps, the group addressed the global economy, the COVID crisis, the Ukraine war, climate, debt and vaccines. Presidents and prime ministers of the G7 highlighted the urgency to improve debt relief frameworks and address debt vulnerabilities. 

"Debt relief is critical as developing countries struggle with the pandemic and food shortages due to the Ukraine war," said Eric LeCompte, Executive Director of Jubilee USA Network. “The G7 noted the importance for China and the private sector to participate in debt relief processes so developing countries can withstand current crises."

Up to 73 of the world’s poorest countries can seek debt relief through a G20 process. To date, Chad, Ethiopia and Zambia applied for the debt relief framework. 

"The G20 debt relief process needs to be implemented more quickly," stated LeCompte. "We need the process expanded to cover other countries in need like Sri Lanka."

In May, the New York State Assembly began consideration of a bill that requires private creditors, which hold the majority of developing country debt, to join in relief deals. The legislation would apply to the more than 50% of the world's private debt contracts because they are issued under New York law.

“Legislation adopted by G7 countries can ensure the private sector and commercial banks participate in debt relief,” added LeCompte.

Gathering in Bavarian Alps, President Biden and G7 Prime Ministers Confront Global Inflation, Food Security and Economic Crises

Statement to G7 by the Symposium of Episcopal Conferences of Africa and Madagascar (SECAM). Read the statement here. 

Petition to G7 Heads of State and Government signed by 50 African Religious Leaders from 14 countries. Read the letter here.

In a letter that appeared in the Financial Times, Aldo Caliari, Senior Director of Policy and Strategy, explains how the recently-introduced NY Taxpayer and International Debt Crises Protection Act could bind private creditors into sovereign debt restructurings, and why we need it. Read the full letter here.