Reuters and Yahoo Finance quote Eric LeCompte on the benefit of the U.S. loaning $21 billion to the International Monetary Fund (IMF)’s Poverty Reduction and Growth Trust (PRGT). Read an excerpt below or the full article here.

Treasury's Yellen says funding bill allows lending of $21 bln to IMF trust

The Financial Times quotes Eric LeCompte on the benefits of the Sovereign Debt Stability Act (S5542/A2970) and the costs of its absence. Read an excerpt below, or the full article here.

New York moves to rewrite law on sovereign debt default recovery

By Kate Duguid and Joseph Cotterill

"This gives countries an option in how they want to exit debt crises," said Eric LeCompte, the head of Jubilee USA, a non-profit that campaigns for debt relief for poor countries. 

"We don't want our tax dollars bailing out the private sector. We also want to prevent behavior among creditors that's harmful. And we want to promote and protect legitimate creditors," said LeCompte.

But critics said regardless of intention, the new bill would in practice raise borrowing costs for the neediest countries. With more uncertainty and less recovery possible, creditors would charge riskier countries far higher premiums on debt.

Read more here.

Bloomberg quotes Eric LeCompte on the Sovereign Debt Stability Act (S5542/A2970) and the necessity for this merged legislation. Read an excerpt below or the full article here.

New York Politicians Renew Push to Solve Sovereign Debt Crises

By Zijia Song and Nicolle Yapur

“The merged legislation is critical as it gives countries options to get out of debt crisis and restructure debts back to profitability for investors,” said Eric LeCompte, executive director at Jubilee USA Network, a nonprofit group that advocates for debt relief for smaller economies.

On Wall Street, though, the amended bill stands to cause further angst. Major investors including Pacific Investment Management Co. and Fidelity Investments last year pushed back against similar efforts, warning that new rules could result in higher borrowing costs for emerging-market governments — and potentially cripple the sovereign bond market.

Such “top-down, unilateral” solutions to sovereign debt restructuring often stoke uncertainty in markets, resulting in high borrowing costs for vulnerable economies, said Sonja Gibbs, managing director and head of sustainable finance at the Institute of International Finance.

Read more here.

Reuters and Yahoo News quote Eric LeCompte on the Global Sovereign Debt Roundtable. Read an excerpt below, or the full article here.

Focus on timelines, predictability at next sovereign debt roundtable, IMF chief says

By Andrea Shalal

Aldo Caliari is quoted by News24 and the Herald regarding the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) statement on economic issues in Africa. Read an excerpt below and click here for the full story.

You have to change your approach to Africa, Catholic bishops urge IMF, World Bank

NEWS24 - The senior director of policy for the Jubilee USA Network, Aldo Caliari, said the African bishops should be taken seriously because they knew and lived in affected communities.

"African religious leaders are on the front lines of countries facing debt, climate, and food crises," he added.

Jubilee USA supports and advises African Catholic bishops on economic issues

Read more here.

Eric LeCompte is quoted by Devex Invested on the Global Sovereign Debt Roundtable. Read an excerpt below and click here for the full story.

Devex Invested: What’s on the menu in Marrakech

Ajay Banga started his term as World Bank president this year by traveling the globe listening to countries’ needs. Now, with the bank’s evolution road map up for discussion at this week’s annual meetings of the bank and the International Monetary Fund in Marrakech, Morocco, it’s time to act.

A G20 report in July set out the challenge to more than triple the current pace of lending, but shareholders have different views on how to get there. Greater use of loan guarantees and hybrid capital are among the moves likely to be discussed at the meetings, with Reuters reporting that the U.S. Treasury is working on new rules on callable capital with an eye to reaching decisions in April 2024. We will be following the latest recommendations of the G20 independent expert group coming out on Friday.

The World Bank has a “new playbook,” which sees it becoming more open, creative, faster and easier to work with, while also offering countries a new set of financial “tools.” This was laid out by Anna Bjerde, the World Bank’s managing director of operations, at a panel event in Marrakech earlier today. The change is needed in the face of growing instability, shocks, and other “intertwined challenges,” to use one of Banga’s favorite phrases. In response, the bank must have a “whole different mindset,” Bjerde said.

Read more here.

October 11, 2023 | 8:30 - 10:00 am ET (1:30 - 3:00 pm Marrakesh time)

Defusing the Debt Time Bomb: The Role of an Effective Crisis Prevention and Resolution Architecture

More than 60 countries struggle with high debt burdens and payments, but too few of them make use of the debt restructuring mechanisms available, whether through or outside the G20's Common Framework. Continued debt payments come at the expense of health, social, climate and other priorities - even cutting or delaying pensions and public sector wages. Unfortunately,  eventual restructurings are inevitable and are more costly for a countries people, their creditors and our planet.

What needs to change in the debt architecture to encourage and deliver early, prompt and sufficient debt reductions?

Jubilee USA Network's Executive Director, Eric LeCompte, moderates a panel with Matthew Martin, Director, Development Finance International; Lidy Nacpil, Coordinator, Asian Peoples' Movement on Debt and Development; Guillaume Chabert, Deputy Director, Strategy, Policy and Review Department, International Monetary Fund (IMF); Yuefen Li, Co-Chair, Debt Relief for a Green and Inclusive Recovery; Bodo Ellmers, Director of Financing for Sustainable Development Program, Global Policy Forum; Salwa Trabelsi, Professor, ESSECT, University of Tunis.

Sponsors: African Forum and Network on Debt and Development – AFRODAD, Arab NGO Network for Development, Arab Watch Regional Coalition, Asian Peoples’ Movement on Debt and Development, Caritas Africa, Debt Justice Norway, Debt Relief for a Green Recovery, Erlassjahr,  European Network on Debt and Development – Eurodad, Friedrich Ebert Stiftung-NY, Global Policy Forum, Jesuit Justice and Ecology Network Africa – JENA, Jubilee USA Network

Location: Room SCO3

Previous registration to the World Bank/IMF Annual Meetings will be required to access the premises. To attend virtually, register to get the access link at: https://forms.gle/UXS4ukwht3qaYRGs7

Download the Joint Statement of Support by UN Human Rights Thematic Mandates on Foreign Debt and on Extreme Poverty for the New York Taxpayer and International Debt Crises Protection Act here.

Download the Joint Statement of Support by UN Human Rights Thematic Mandates on Foreign Debt and on Extreme Poverty for the New York Taxpayer and International Debt Crises Protection Act here.

Download the Metropolitan New York Synod of the Evangelical Lutheran Church in America support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the Metropolitan New York Synod of the Evangelical Lutheran Church in America support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the Jubilee Caribbean support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the Jubilee Caribbean support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download Archbishop Roberto Gonzalez, of the Catholic Archdiocese of San Juan de Puerto Rico's support memorandum for the New York Taxpayer and International Debt Crises Protection Act here.

Download Archbishop Roberto Gonzalez, of the Catholic Archdiocese of San Juan de Puerto Rico's support memorandum for the New York Taxpayer and International Debt Crises Protection Act here.

Download the Sisters of Mercy of the Americas Justice Team in New York State support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the Sisters of Mercy of the Americas Justice Team in New York State support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the Sisters of St. Joseph Albany support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the Sisters of St. Joseph Albany support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the NY Renews support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the NY Renews support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the bill summary of the New York Taxpayer and International Debt Crisis Protection Act here.

Download the bill summary of the New York Taxpayer and International Debt Crisis Protection Act here.

Download the Upstate New York Synod of the Evangelical Lutheran Church in America support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the Upstate New York Synod of the Evangelical Lutheran Church in America support memorandum for the New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the Ruth Messinger support memorandum for The New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the Ruth Messinger support memorandum for The New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Largest New York Labor and Religious Groups Support the New York Taxpayer and International Debt Crises Protection Act 

Speaking at a press conference from the famed "million dollar staircase" in New York's State Capitol, State Senator Brad Hoylman-Sigal and Assemblymember Patricia Fahy vowed to pass debt relief legislation, the New York Taxpayer and International Debt Crises Protection Act (A.2970, S.4747).

“The global COVID-19 pandemic and climate disaster have all laid bare just how interconnected the global economy has become today,” said Fahy. “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.”

Fahy, the lead Assembly sponsor of the bill, asserted that the initiative will benefit taxpayers and consumers in New York and the US as well as protect the state’s status as the world’s leading financial center. Constituents from across the State of New York descended on Albany on May 2nd to meet with lawmakers to urge passage of the Fahy and Hoylman-Sigal legislation. 

“Our bill will help countries struggling to recover from challenges like climate change and COVID. At the same time, the bill will protect New York taxpayers and reduce the harmful impact of inflation,” said Hoylman-Sigal, the lead sponsor in the Senate of the The New York Taxpayer and International Debt Crises Protection Act.

Developing countries owe more than 60 percent of their debt to private firms. Since 52% of the world's private sector debt is governed by New York law, the New York Taxpayer and International Debt Crises Protection Act (A.2970, S.4747) ensures the private sector participates in relief agreements supported by the US Government.

“Most of the world's countries continue to struggle with the pandemic and food crises,” noted Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “When developing countries, our trading partners, are in crises we face higher prices for eggs, flour, fuel and coffee."

A large coalition of religious, development, labor and environmental organizations promotes the legislation. Supporters include major unions such as New York AFL-CIO; New York AFSCME and the New York State Public Employees Federation; churches such as the New York State Catholic Conference; the New York State Council of Churches, the United Church of Christ, the Methodist Church and the Presbyterian Church; development organizations such as Oxfam America; Bread for the World and the ONE Campaign; Puerto Rico's Speaker of the House and religious leaders on the island; and environmental groups such as Catholic Climate Covenant and the Rivers & Mountains GreenFaith Circle. 

"Major religious groups and unions support the legislation because it provides aid to people struggling with crises, protects our pensions and can help address inflation," noted LeCompte who serves on United Nations debt expert groups.

Last week, the United Nations Independent Expert on Foreign Debt and Human Rights, Attiya Waris, issued a letter to the New York legislature highlighting how the legislation will advance human rights. 

Read the New York Taxpayer and International Debt Crises Protection Act bill and bill memo here.

Read the talking points for the New York Taxpayer and International Debt Crises Protection Act here.

Read The New York AFL-CIO, the New York State Catholic Conference, the New York Council of Churches, New York AFSCME, Oxfam America, Bread for the World, Puerto Rico and other Memos/Letters of Support for the New York Taxpayer and International Debt Crises Protection Act here. 

Read the In-depth Frequently Asked Questions on the legislation here.

Read the media coverage on the legislation here.

Find Jubilee USA's press releases on the bill here.

Find all of the New York Taxpayer and International Debt Crises Protection Act resources here.

Protect Taxpayers, Prevent Future Debt Crises

State legislators decide on laws that affect every aspect of US citizens' lives and in the case of the New York Taxpayer and International Debt Crises Protection Act, the lives of developing countries citizens' and our planet. In the face of unsustainable inflation, supply shocks, rising food costs and developing country debt crises, we are calling on New York State legislators to pass The New York Taxpayer and International Debt Crises Protection Act.

Join us on Tuesday, May 2nd for a day of action and press conference at the New York State Capitol to advocate for the New York Taxpayer and International Debt Crises Protection Act. 

To stay up to date on all the International Debt Crises Day of Action please register at the link below. If you have any questions feel free to contact [email protected] or [email protected].

• 9:30 AM – 10:00 AM: Arrival and Breakfast at Bull Moose Club
  

• 10:00 AM – 10:30 AM: Opening Remarks & Testimonials from Local Leaders

  
  
  • Rev. Nicolle D. Jean-Simon, Duryee Amez Memorial Church 
    
    
  • Rev. Dustin G Longmire, Pastor at Messiah Lutheran Church
    
    
  • Jacob King, First Unitarian Society of Albany
    
    
  • Amaury Tañon-Santos from Schenectady Community Ministries

• 10:30 AM – 11:00 AM: Training
  
  
• 11:00 AM - 11:15 AM: Walking to NYS Capitol Building and going through security
  

Note: Our gathering space between meetings, from this time to 4 pm, will be a table by the McDonald's in the Empire State Plaza's food court. (Please find a Plaza map here.).

• 11:30 AM - 1:15 PM: Legislative Meetings
  
  
• 1:15 PM - 1:30 PM: Move to the Million Dollar Staircase for press conference
  
  
• 1:30 PM - 2:00 PM: Press Conference
  
  
• 2:00 PM - 4:00 PM: Later Advocacy Visits (TBD)
  
  
• 4:00 PM - 5:00 PM: Walk back and debrief at Bull Moose Club

Register at Jubilee International Debt Crises Day of Action Registration.

Download the Executive Committee of the Leadership Conference of Women Religious (LCWR), Region 2 support memorandum for The New York Taxpayer and International Debt Crises Protection Act as a PDF here.

Download the Executive Committee of the Leadership Conference of Women Religious (LCWR), Region 2 support memorandum for The New York Taxpayer and International Debt Crises Protection Act as a PDF here.