The Presbyterian Outlook covers Jubilee USA Network's historic meeting with Treasury Secretary Janet Yellen on international debt and COVID response. Read an excerpt below, and click here for the full story.

Nelson joins faith leaders in virtual roundtable discussion with US Treasury secretary

The virtual roundtable discussion was moderated by Jubilee USA Network, a nonprofit financial reform organization based in Washington, D.C., that advocates for debt relief for developing countries. Tuesday’s conversation centered on the global coronavirus response and anti-poverty efforts.

During Tuesday’s call, invited guests were given an opportunity to address Yellen and her senior staff. In his statement, the Stated Clerk of the General Assembly of the PC(USA) said the yearlong pandemic has deeply hurt the most vulnerable and deepened inequality in the U.S. and abroad. Jubilee officials estimate that developing countries lose $1 trillion a year due to illegal practices such as corruption and tax evasion. The group also says that “shell corporations” hide the identities of their owners for tax evasion purposes as well as participate in human trafficking and the exploitation of poor communities.

“Global inequality is a large and growing problem. Low-income countries are facing poverty and an increased debt burden. Many governments lack the resources to pay for vaccines and support those hit by this economic crisis,” said Yellen. “We are committed to addressing global inequality and work with our partners to tackle this crisis.” Yellen says the current administration has already started to provide support for low-income countries through such initiatives as debt service suspension and a multilateral framework for debt treatment.

 

 

Read the full article here.