Vatican City, Rome, Italy – A Vatican-commissioned report authored by more than 30 experts provides recommendations on global debt relief and economic policy. The group was convened by the late Pope Francis.

“This report is a blueprint to solve the current global debt crisis, prevent future economic crises and create an economy that radically reduces poverty,” noted Eric LeCompte Executive Director of Jubilee USA Network and a Vatican advisor who is at the Pontifical Academy of Social Sciences for the report launch. "While debt relief and a just economy are at the center of Catholic teaching, this is the first report convened by a Pope that focuses on technical recommendations to achieve an economy that serves everyone."

Nobel Prize-winning economist Joseph Stiglitz and former Argentine Minister of the Economy, Martín Guzmán, led the work of the expert group.

Pope Francis reiterated the interfaith calls of Pope Benedict and Saint John Paul II on debt relief and economics, making these issues the focus of the Christian holy year of Jubilee 2025. Almost one year ago, LeCompte joined Pope Francis where the Pope delivered a hallmark speech on the needs for broad reforms on debt and the global economy. Pope Leo XIV continues the efforts of his predecessors. 

"Developing countries spent a record $1.4 trillion paying debt in 2023 and too many countries spend more on paying debt than they do on the urgent needs of their people," shared LeCompte who serves on United Nations debt expert groups. "In African and low-income countries, debt payments are two-thirds higher than their combined spending on health, education and social services."

According to the World Bank, more than 800 million people live in extreme poverty, over 100 million more that previously believed. The report calls for a range of reforms as a debt and poverty crisis that has been growing in the face of the pandemic, wars, cost-of-living and interest rate hikes rose to prominence in the agenda of global leaders in multiple forums. Proposals include greater transparency, IMF reforms, changes to laws in New York and the United Kingdom which govern private sector debt, improving debt contracts and an international bankruptcy system akin to the national bankruptcy courts that exist in most countries.

“This report can move the G7, G20, IMF and United Nations to make short-term decisions to address the current crisis and lay a foundation to prevent future crises,” stated LeCompte.

The first such gathering of world leaders comes days after the report release, as Spain hosts a UN-convened international conference on finance and development from June 30 through July 3. 

“The experts who wrote this report are a critical part of the global Jubilee movement, which includes advocates in pews, development groups, conservatives, liberals and people of every faith,” shared LeCompte. 

Read Pope Francis' June Jubilee 2025 debt focus speech here.

Learn about the global Jubilee interfaith launches and December Holy See launch for Jubilee 2025 here.

Read the report that goes live at 3:00 AM New York/DC time and 9:00 AM in Rome here.