Pope Francis Remembered During Meetings

Washington DC – IMF, World Bank, G20 and G7 Spring meetings concluded this past weekend.

The IMF announced an almost one percentage point cut to economic growth for the next two years while warning future forecasts could see more growth cuts.

"These meetings were full of bad news for the economy,” said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network and who monitors the IMF and World Bank. "The analysis from these meetings is the most troubling we've seen in decades.”

While developing countries pay $1.4 trillion annually servicing debt, payments of the poorest countries quadrupled in the last 10 years. According to the IMF, average incomes in the poorest 32 of those countries have barely changed in the last 15 years.

“Trade issues, aid cuts and high interest rates are increasing debt problems and crises,” added LeCompte. “Little was done at the meetings to address severe challenges for the global economy."

In statements delivered during the meetings, US Treasury Secretary Scott Bessent put to rest fears that the US would disengage from the IMF and World Bank.

"Bessent made many positive contributions to thie meetings,” stated LeCompte. “One of Bessent's most important statements was that the US wants to tackle global debt problems before they become crises."

As the meetings opened last week, on April 21st, Pope Francis passed away. Francis had called for debt relief to be a focus of the holy year of Jubilee 2025.

"Pope Francis was remembered at almost every gathering of world leaders throughout the week,” shared LeCompte. "We can honor the memory of Pope Francis by moving forward his calls for debt relief and creating new processes to address debt crises."

The IMF and World Bank hold their second meeting of the year in October. 

Read Jubilee USA's statement on the election of Pope Leo XIV here.

Read Jubilee USA's statement on the IMF, World Bank, G20 and US Treasury Meetings and IMFC and Development Committee Meetings here.

Read Jubilee USA's statement on Pope Francis' funeral, legacy and upcoming conclave here. 

Read Jubilee USA's statement on Pope Francis' views of IMF, World Bank and G20 Spring Meetings here.

Read Jubilee USA's statement on the G20 ministerial meeting here.

Read Jubilee USA's press release on the IMF Global Financial Stability Report and World Economic Outlook report here.

Read Jubilee USA's statement on the IMF Global Financial Stability Report here.

Read Jubilee USA's statement on the IMF World Economic Outlook report here. 

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

Read Jubilee USA's statement on the passing of Pope Francis who had focused this year's Church efforts on debt relief and IMF reform here.