Your Gift = Poverty, COVID, Inequality, Climate Crisis Response

Friends,

Thanks to your partnership, our Jubilee solutions to the coronavirus crisis are moving forward with world leaders.

On #GivingTuesday gifts are doubled to support Jubilee USA's coronavirus campaigns on debt, transparency, stimulus, climate and the G20. Your gift lifts our efforts to tackle the root causes of poverty and inequality.

Over the last year your support of Jubilee USA's mission meant:
  • Together, we mobilized hundreds of religious, labor, environmental, human rights groups and institutions to move forward coronavirus response campaigns to lift the poor, our livelihoods and the planet
  • We won a new debt relief process for developing countries suffering the effects of the corona health and economic crisis. This includes transparency processes to monitor aid effectiveness
  • 29 of the world's poorest countries saw debt payments cancelled through next spring and 73 developing countries can obtain debt payment relief through at least mid-2021
  • Jubilee's Corporate Transparency Act and the Illicit Cash Act passed the House and await Senate action. These bipartisan bills tackle anonymous shell companies when they shield human traffickers, steal debt relief and promote tax evasion and corruption
  • Our campaigns with Puerto Rico religious leaders moved forward a White House award of $13 billion for a total of $26 billion in disaster recovery funds, food aid for the island’s 300,000 schoolchildren and additional nutrition assistance funds. The White House also supported our proposals to bring back pharmaceutical manufacturing jobs
  • Our stimulus package efforts promoted debt relief for poor countries, Puerto Rico disaster aid and student debt relief
  • We are moving forward IMF and G20 approval of global reserve funds (Special Drawing Rights) to provide the aid that is needed for developing countries to survive and rebuild from the crisis
  • Jubilee USA is promoting climate finance solutions at the IMF, G20 and with President-elect Biden
  • The US - Mexico - Canada (USMCA) trade agreement went into effect with provisions that will protect vulnerable communities’ access to lifesaving medicines and eliminate harmful arbitration processes
  • We won a decision by the White House to freeze student loan payments until end of year
  • Somalia debt relief moved forward with the White House, State Department, Treasury, IMF and World Bank
  • Hundreds of thousands of newspapers and television and radio shows covered our Jubilee USA efforts

Gratefully,

Eric


Eric LeCompte
Executive Director

Twitter: @Eric_LeCompte
https://jubileeusa.com/support-us

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Winning, Gifts Now Doubled, Jubilee News

Friends,

Last week the leaders of the G20 approved a debt relief process for 73 of the world's poorest countries. Because of the petitions you signed, the major organizations and faith communities that we organized together, the G20 made progress on our Jubilee solutions to confront the global coronavirus health and economic crisis. Your calls and letters to the White House and Treasury mean the Trump Administration wants to extend our debt relief process to more developing countries. Because of you, this is beyond what other G20 countries want to do.

On Tuesday, we had an incredibly positive meeting with the leadership of the Biden transition team on all of our coronavirus response efforts and our Jubilee USA proposals to address the root causes of poverty, climate change and inequality. 

As our critical work moves forward, please support our coronavirus campaigns and Jubilee USA's mission to lift the vulnerable. Now and through Giving Tuesday your tax-deductible GIFT to Jubilee USA is matched and DOUBLED!

This year, Jubilee USA appeared in hundreds of thousands of newspapers and shows on our debt, tax, trade, transparency, coronavirus response and Puerto Rico efforts. Below you can find a sampling of news stories.

Gratefully,

Aldo Caliari
Senor Director of Policy and Campaigns
Jubilee USA Network
https://jubileeusa.nationbuilder.com/support-us

JUBILEE IN THE NEWS 

Few results from G-20 meeting as decisions await new US administration Devex (November 24th)  

Saudi G20 summit pledges fair global vaccine access but stops short of developing world debt relief The Independent (November 22th)  

G20 to extend debt relief to mid-2021, pushes private sector to help Devex (November 22th)

G20 determined to use all tools to contain pandemic, save jobs, incomes Reuters (November 20th)  

FCDO's foreign nationals policy, G-20 debt framework, and Iota's compounding impact: This week in development Devex (November 19th)  

Africa’s First Pandemic Default Tests New Effort to Ease Debt From China Wall Street journal (November 18th)  

G20 Releases Debt Framework Details Devex (November 16th)  

World’s poorest countries get fresh debt relief hope from creditor nations Financial Times (November 13th)  

G20 strikes historic debt pact to help poorer states hit by COVID Reuters (November 13th)  

G-20 Looks to Deepen Debt Relief Drive With China’s Coordination Bloomberg (November 12th)  

IMF Eyes New Relationship With Biggest Shareholder After Biden Win US News and World Report (November 11th) 

Francis Names 13 New Cardinals, Including Washington's Archbishop Gregory National Catholic Reporter (October 25th) 

As World Bank pushes others on debt relief, it doesn't participate Devex (October 19th) 

Coronavirus Deals a Blow to Global Battle Against Poverty Wall Street Journal (October 18th) 

'Intense' G20 negotiations fall short on debt support expectations Devex (October 15th) 

IMF warns global economy could be permanently scarred Associated Press and other outlets (October 15th) 

IMF encourages countries affected by COVID to keep spending on safety net Marketplace (October 15th) 

G-20 Extends Debt Relief Plan Amid Warnings It’s Not Enough Bloomberg (October 14th)

G-20 Seen Extending Poor Nations’ Debt Relief Into Next Year Bloomberg (October 13th) 

Proposals and pressure mount for more action on COVID-19 financing Devex (October 5th) 

G7 ministers back extension of debt freeze for poorest nations, urge reforms Reuters (September 24th) 

Le candidat de Trump élu à la tête de la BID Les Echos (September 13th) 

Jubilee USA Network Works Internationally for Economic and Covid Relief Wort FM Radio (September 9th) 

UK aid cuts, G-20 debt delays, and the EU's budget deal: This week in development Devex (July 23th) 

Covid 19: G20 nations put off debt relief decisions until autumn meeting Vatican News (July 21st) 

G20 criticado por adiar decisão sobre extensão da moratória da dívida Sol (July 19th)  

G-20 to Make Debt Relief Extension Call Closer to Year End Bloomberg (July 18th) 

G20 finance officials poised to recommend extension of debt freeze Reuters (July 18th) 

G20 finance officials poised to recommend extension of debt freeze Bloomberg (July 17th) 

Puerto Rico experts, participants discuss its future The Bond Buyer (July 6th) 

PROMESA after four years: Key questions remain  The Bond Buyer (June 30th) 

World Bank chief calls for more private sector buy-in on G20 debt relief Reuters June 22)

An Interview with Eric LeCompte Catholic Profiles (June 14)

UN urges help for countries near ‘debt distress’ from virus Associated Press (June 3)

This crisis is hard on us. It’s even harder on countries that aren’t rich Marketplace (May 21)

 Debt relief needed to help poor nations in pandemic The Tablet (May 18)

Advocates seek debt relief to respond to pandemic Crux (May 15)

Private creditors push back against blanket debt relief for Africa Reuters (May 15)

The World’s Poor are Drowning in Debt. Here’s how to help them Barron’s (May 8)

High-profile economists back Argentina’s debt restructuring bid Buenos Aires Times (May 6)

Canje de deuda: Stiglitz, Sachs, Piketty y más de 130 economistas respaldaron la oferta argentina Pagina12 (May 2)

Restructuring Argentina’s Private Debt is essential Project Syndicate (May 2)

FMI da crédito de emergencia a Ecuador azotado por Covid y bajos precios del crudo Swissinfo (May 2)

Coronavirus could push Latin America, Caribbean into deepest recession since 1930s Miami Herald (April 27)

What will it take to fix flailing SDG funding? Devex (April 23)

Eric LeCompte: El Papa Francisco seguirá pidiendo el alivio de la deuda Perfil (April 22)

Motivation | Natalie Herder The Select 7 (April 21)

IMF, World Bank Pledge Help Amid Calls For More Debt Relief The Jamaica Gleaner (April 19)

G20, IMF deliver on debt relief, but more is needed, experts say Devex (April 17)

World Business Report BBC World News (April 15)

‘Urgent action’ needed on debt relief for poor countries, expert says Crux (April 15)

G20 avala suspensión temporal del pago de la deuda para los países pobres France 24 France 24 (April 15)

FMI alivia deuda de 25 países pobres Inter Press Service (April 15)

G20 apoia suspensão por um ano do pagamento de dívida dos países pobres Reuters (April 15

) G-20 has agreed to debt standstill for world’s poorest countries, IMF and World Bank heads say Marketwatch (April 15)

Faith groups, AFL-CIO urge U.S., IMF, G20 to cancel debt for poor countries Reuters (April 14)

IMF Predicts Global Coronavirus Crisis Akin to the Great Depression US News and World Report (April 14)

IMF Announces Debt Relief for African Nations to Fight Pandemic Voice Of America (April 14) 

IMF cancels debt payments for 6 months for 25 poor nations Associated Press (April 13)

Amid Pandemic IMF & G20 Called on to Cancel Poorest Nations’ Unsustainable Debt Between the Lines (April 13)

Ilhan Omar Joins Global Call for Debt Relief as Coronavirus Threatens to Push Developing Nations 'Over the Edge' Common Dreams (April 13)

IMF to provide debt relief to help 25 countries deal with pandemic Reuters (April 13)

'Force of nature' Georgieva leads IMF through coronavirus storm Yahoo Finance (April 13)

Bishop, faith groups urge Trump to support debt relief for poor nations Crux (April 10)

IMF’s Georgieva creates external advisory panel on pandemic Reuters (April 10)

Global Business, Workers, Civil Society Join Call for Debt Relief for Poorer Nation Reuters (April 10)

Catholic bishops, faith groups urge Trump to back debt relief for poor countries Reuters (April 9)

Eric Lecompte Interview Voice of America (April 7)

IMF working to support Georgian economy amid coronavirus crisis Click Lancashire (April 4)

The church after coronavirus: new understandings of social mission National Catholic Reporter (April 3)

Declare a jubilee: Pandemic is time to forgive debts, cardinal suggests Catholic News Service (April 1)

IMF head says global economy now in recession Associated Press (March 27)

COVID-19 is hitting Caribbean and Latin American economies hard. Can they survive? The Miami Herald (March 27)

Leaders on Global Finance reform meet at Vatican Catholic Philly (Feb 6)

Game changers: Vatican opens doors to leaders ready for finance reform The Dialog (Feb 6)

Pope’s direct experience of financial crisis informs views on economy, expert says  Crux (Feb 5)

Pope Francis gets involved in Argentina’s debt relief National Catholic Reporter (Feb 5)

The convergence: Third-world debt and the climate crisis are intimately connected Salon (January 26)

IMF boss says global economy risks return of Great Depression The Guardian (January 17)

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Biden Should Call for Emergency G20 Leaders Meeting, Says Religious Development Group

Washington DC - A religious development group urges President-elect Biden to convene an emergency G20 meeting upon inauguration into the high office. Jubilee USA Network focuses on solutions to the global coronavirus health and economic crises and argues additional G20 action must happen quickly.

"While the G20 made progress in recent months on confronting the global coronavirus crisis, we need much more action to lift workers and protect the vulnerable," stated a United Nations finance expert and Jubilee USA Executive Director, Eric LeCompte. "One of the most important things that a new President Biden can do is bring together world leaders to more robustly confront the crisis."

This past weekend, Saudi Arabia held the virtual G20 Leader's Summit where the group affirmed a debt relief process for 73 of the world's poorest countries. The US Government encouraged that the debt process be extended to more developing countries and the G20 called for equitable vaccine access for developing countries.

"An emergency G20 summit is needed to ensure vaccines and treatments are available to all people," said LeCompte. "Whether we live in rural Minnesota or on the outskirts of Lusaka in Zambia, the G20 must ensure that everyone can access healthcare to confront the coronavirus."

 

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Reuters Features Eric LeCompte on G20's Approach to Global Economic Recovery

Reuters quotes Eric LeCompte on the G20's approach to combatting the COVID-19 pandemic and restoring the global economy. Read an excerpt below, and click here for the full story.

G20 determined to use all tools to contain pandemic, save jobs, incomes

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Independent Quotes Eric LeCompte on the Saudi G20 Summit

Jubilee USA's Eric LeCompte was quoted by the Independent as leaders of the G20 pledged affordable and equal access to the vaccine but did not commit new funds for debt relief aid for developing countries. Read an excerpt below, and click here for the full story.

Saudi G20 summit pledges fair global vaccine access but stops short of developing world debt relief

The leaders of the G20 have pledged “affordable and equitable access for all people” to new coronavirus vaccines, but stopped short of committing new funds to meet that commitment or to deliver debt cancellations for developing nations whose economies have been badly hit by this year’s economic crisis.

“Too many developing countries are still left out of debt relief and aid measures,” said Eric LeCompte, the executive director of Jubilee USA Network. 

He added that the G20 needs to implement a wider debt relief framework, pointing out that six of the 12 countries with the highest coronavirus death rates are middle-income countries, which remain outside the scope of the G20 debt process.

Read more here

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Eric LeCompte Featured in Reuters on G20's Plan to Extended Debt Relief to Mid-2021

Reuters quotes Eric LeCompte as the G20 endorses an extension to the freeze in poor countries' official debt service payments into mid-2021. Read an excerpt below, and click here for the full story.

G20 to extend debt relief to mid-2021, pushes private sector to help

Eric LeCompte, a U.N. adviser and executive director of Jubilee USA Network, said the new framework would push the private sector to get involved because it made G20 debt relief contingent on countries asking for similar treatment from private creditors, but offered no guarantees.

He said the G20 initiative also left out countries that needed urgent help.

“Six of the 12 countries with the highest COVID death rates are middle-income countries, which remain outside the scope of the G20 debt process,” he said.

Read more here.

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G20 Summit: COVID, Climate, Debt and Transparency

Washington DC – Presidents and prime ministers, chaired by Saudi Arabia, met virtually for the annual G20 summit. The group focused on climate issues, financial transparency and endorsed the “Common Framework for Debt Treatment beyond the Debt Service Suspension Initiative,” which allows up to 73 poor countries to obtain debt reduction.

Eric LeCompte, the Executive Director of Jubilee USA Network and a United Nations finance expert, releases the following statement on the G20 Leaders' Summit and Communiqué:

"Climate issues are a growing concern for the G20 and the group has the power to make binding decisions related to climate change solutions.

"Over the last months, the G20 made progress on tackling debt as a response to the coronavirus health and economic crisis.

"Some of the world's poorest countries urgently need the debt relief that the new G20 debt reduction process offers.

"The new framework makes G20 debt relief contingent on countries making requests for similar treatment from the private sector. This pushes the private sector to start debt relief negotiations, but does not guarantee there will be private sector debt relief.

“Six of the twelve countries with the highest COVID death rates are middle-income countries, which remain outside the scope of the G20 debt process.

"Too many developing countries are still left out of debt relief and aid measures. The G20 failed to implement solutions on the debt and economic challenges that middle-income countries face because of the COVID crisis.

“It's clear that some G20 members, like the United States, wish to see debt relief and aid measures extended to more countries. 

"The fact that the G20 summit focused on the needs of small island developing states is notable.

"The G20 commitment to curb tax avoidance and evasion is important. Part of the reason too many countries were not prepared to deal with the current crisis is because they lost vital revenues to tax avoidance and evasion. The G20 must act seriously to challenge these global economic losses.

"Promoting more transparency and anti-corruption measures in the financial system and within global debt policies is a priority for the G20." 

Read the G20 Communiqué here.

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As G20 Leaders Meet, US Supports Expanding Debt Relief for Countries that IMF Says are Left Out

Washington DC – As G20 presidents and prime ministers convene, the IMF warns some countries are left out of the G20's new debt reduction process. Last Friday, the United States Treasury stated support for extending debt relief beyond the initial 73 poor countries which qualify for the G20 debt reduction process.

"The United States realizes that more countries will need debt relief to get beyond the coronavirus economic crisis," stated Eric LeCompte, the executive director of the religious development group, Jubilee USA. LeCompte worked with successive US Administrations and Republican and Democratic Members of Congress on their debt relief policies for more than a decade. "While we've seen a lot of progress over the last months, the G20 will need to go beyond existing debt relief initiatives."

This weekend, the G20 is expected to formally approve the “Common Framework for Debt Treatment beyond the Debt Service Suspension Initiative.”

Middle-income countries like Argentina and Ecuador recently finished debt restructurings. Lebanon and Suriname are confronting debt crises. Absolute Strategy, a London research firm, notes 40% of  JP Morgan's emerging market debt is at risk of default in the next year.

“As more countries face crisis, we need solutions that can help stabilize the global economy,” said LeCompte.

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Devex Quotes Eric LeCompte on FCDO, G20 and Hurricane Iota

Devex quotes Eric LeCompte on this week's global development in FCDO, foreign nationals policy, the G20 debt relief package and the impact of Hurricane Iota. Read an excerpt below, and click here for the full story.

FCDO's foreign nationals policy, G-20 debt framework, and Iota's compounding impact: This week in development

The U.K.’s diplomacy and development office restricts employment for foreign nationals, G-20 representatives forge a debt relief framework, and Hurricane Iota makes a bad situation worse. 

“There is no doubt this is incredible progress,” said Eric LeCompte, executive director at Jubilee USA Network. “This process is a step forward that includes more actors and will expedite relief and reduction.”

Read more here

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WSJ Features Eric LeCompte on New Debt Crisis Plan

The Wall Street Journal quotes Eric LeCompte on a new debt framework in efforts to ensure China's participation in a debt restructuring that could resolve Zambia's default. Read an excerpt below, and click here for the full story.

Africa’s First Pandemic Default Tests New Effort to Ease Debt From China

A new framework to resolve debt crises in developing countries, meant to ensure that Chinese and private creditors share the burden of providing relief, faces a key test after Zambia became the first African nation to default during the coronavirus pandemic.

Finance ministers from the Group of 20 major economies said Nov. 13 that they had come up with a new process for restructuring the debts of the world’s poorest countries, which now owe billions of dollars to Chinese state-owned lenders and Western fund managers that snapped up their dollar-denominated bonds in the years before the pandemic.

Under this common framework, which G-20 officials lauded as a breakthrough after months of resistance from Beijing, Chinese lenders will participate in debt restructurings alongside rich, mostly Western nations. Private creditors will also be asked to provide relief on similar terms.

“The framework was designed for the problems Zambia is now facing,” said Eric LeCompte, executive director of Jubilee USA, a nongovernmental organization that lobbies for poor-country debt relief.

Read more here

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Eric LeCompte is Quoted in Devex on G20 Debt Framework

Eric LeCompte is quoted in Devex on the G20's debt relief framework. Read an excerpt below, and click here for the full story.

G20 Releases Debt Framework Details

WASHINGTON — The G-20 group of leading economies agreed to a debt framework to help countries pursue debt restructuring or forgiveness, building off of its Debt Service Suspension Initiative and recognizing that some nations may need additional relief, according to a communique released after an extraordinary meeting of G-20 finance ministers and central bank governors Friday.

“There is no doubt this is incredible progress,” said Eric LeCompte, executive director of Jubilee USA Network. “This process is a step forward that includes more actors and will expedite relief and reduction.”

Another concern is that the framework only applies to DSSI countries, leaving out middle-income countries, which in some cases are also facing significant debt burdens, LeCompte said, adding that he hopes the agreement could potentially be expanded to a broader group of countries down the road.

When the G20 Leaders’ Summit takes place this month, the debt framework is likely to be part of a broader communique and will likely be highlighted by leaders, LeCompte said.

Read more here

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Financial Times Features Eric LeCompte on the New G20 Debt Relief Plan

The Financial Times features Eric LeCompte on the G20's debt relief plan to help poor countries battle the economic effects of Covid-19. Read an excerpt below, and click here for the full story.

World’s poorest countries get fresh debt relief hope from creditor nations

The world’s poorest countries have been offered fresh help to restructure their debts as leading economies and creditor nations agreed new principles for debt relief to help them fight the economic effects of the coronavirus pandemic.

“Unfortunately developing middle-income countries are excluded from this process as they face some of the highest poverty increases because of the coronavirus crisis,” said Eric LeCompte, director of Jubilee USA, which campaigns on poverty and debt.

Read more here
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