Earthbeat, National Catholic Reporter quotes Eric LeCompte on the relationship between economic crises, high debt levels and debt relief and the climate crises. Read an excerpt below, or the full article here.

Forgive nations' debts in Jubilee Year, Pope Francis urges COP29 climate summit

By Doreen Ajiambo

With financing the major focus here at the United Nations climate change conference, Cardinal Pietro Parolin delivered directly to world leaders Pope Francis' appeal that wealthy nations use the upcoming 2025 Jubilee Year to forgive debts "as a matter of justice."

Eric LeCompte, executive director of Jubilee USA, a network of religious and development groups that advocates for international debt relief, told EarthBeat in an email that economic crises and high levels of unsustainable debt have prevented many developing countries from putting resources toward climate solutions.

"We have reached a point where debt relief has to be part of the solution in dealing with the climate crisis," he said.

Read more here.

Hunger, Poverty, Climate, Debt and Economy on Agenda for Biden's Final G20 Meeting

IMF Calls Global Economy "Underwhelming" with Low Growth and High Debts and Prices

Finance ministers from all over the world close a week of talks focused on the global economy, unsustainable country debts and climate challenges. The IMF forecast global economic growth at 3.2% annually, a decades low and what the Fund called, "underwhelming." 

“We heard a lot of messages during the meetings that the economy was strong, but the weak economic growth projections haunted the meetings,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF meetings since 2010. "The forecasts for Africa and the Middle East were awful and are coupled with high youth unemployment and food crises." 

The low growth and high debt is an “unforgiving combination,” said the IMF Managing Director Kristalina Georgieva in her curtain-raiser speech.

“The IMF and G20 should not treat what is happening as a short-term debt payment problem. We are experiencing the most significant global debt crisis in decades,” added LeCompte. “Our failure to act now on debt crisis solutions means more difficult and expensive debt problems in the future.”

The World Bank reports that deficits in the average low-income country doubled, becoming the main driver of high indebtedness. In the poorest of those countries, average income remains 14% below their pre-pandemic levels.

G20 Finance ministers, in their last meeting under the Brazilian Presidency, endorsed a plan to expand the funding capacity of development banks. Reforms agreed this year will increase development bank finance by $35 billion a year, about one-eighth of what experts commissioned by the group said was needed.

"Brazil's G20 Presidency set a path to reach climate and development targets," shared LeCompte. "The questions are how long will it take for the G20 to follow that path and whether the world has enough time to wait."

While the G20 managed to deliver a consensus statement, the policymaking bodies of the IMF and the World Bank did not.

"War and conflicts continue to make it difficult for world leaders to forge agreements,” commented LeCompte. 

Decisions announced at the IMF meetings included increasing IMF zero-interest rate lending and the reduction of IMF interest rates on large, long-term emergency loans.

Read Jubilee USA's statement on the Development Committee meeting here. 

Read Jubilee USA's statement on the IMFC meeting here.

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

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

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

The IMF and World Bank's Development Committee, a major policymaking body for the institutions, met in Washington, DC in the context of the IMF and World Bank Annual meetings. The Development Committee and the IMF and World Bank meetings focused on growth, debt, inflation, expanding development bank finance and aid, responses to pandemics, climate and food crises.

Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who has monitored IMF and World Bank Meetings since 2010, releases the following statement on the Annual Meetings and the Development Committee meeting:

Read Jubilee USA's statement on the IMFC meeting here.

Find information on Jubilee USA's IMF/World Bank Annual Meetings events here.

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

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

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

The International Monetary Fund and World Bank conclude their Annual Meetings on Saturday. The International Monetary Financial Committee, the IMF policymaking body, met on Friday on the global economic situation, debt, fiscal constraints, inflation, the climate crisis, wars and other challenges.

Find information on Jubilee USA's IMF/World Bank Annual Meetings events here.

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

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

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

Find Jubilee USA IMF and World Bank Annual Meetings event details 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. 

VOA Africa features Eric LeCompte in a brief interview detailing the issues Africa is currently facing and how they can be addressed at the IMF Annual Meetings.

Analysis: How does Africa benefit at the IMF’s meeting?

Click here for the full interview.

As world leaders arrive in Washington, DC for the IMF and World Bank Annual Meetings, the IMF releases its flagship World Economic Outlook report, where it forecasts growth as, "underwhelming" for 2024 and 2025 at 3.2%.

Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF meetings since 2010, releases the following statement on the IMF Meetings and World Economic Outlook Report:

“Global economic growth is still forecasted to be below pre-pandemic levels.

“Growth projections for the Middle East and Sub-Saharan Africa worsened, with climate, conflict and civil unrest impacting their economies.

“The IMF says many developing countries face challenges with paying their debts.

"The IMF reiterated that many countries will need debt restructuring."

Read the full World Economic Outlook Report here.

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

Find Jubilee USA's IMF and World Bank Annual Meetings events here. 

Jubilee 2025: Time for Religious Values to Inform Debt and Global Finance Architecture in Africa

October 25, 2024 | 8:30 - 10:00 am ET

Eric LeCompte
Executive Director, Jubilee USA Network

Lucy Esipila
 Executive Secretary, Caritas Africa

Alhaj Ahmed Abajobir
Country Director, Islamic Relief Ethiopia

 Bishop Rose Nereya Ayiemba Okeno
Fourth Diocesan Bishop, ACK Diocese of Butere, Anglican Church, Kenya

Rev. Cyril Fayose
General Secretary of the Christian Council of Ghana

As 2025 has been declared a Jubilee year, African faith-based groups and leaders champion policy proposals for a debt and development finance architecture that makes Jubilee’s promise of hope and renewal a reality. The event facilitates religious groups’ dialogue on their value-based approach to these issues with finance authorities. This webinar is the second event in the Road to Jubilee 2025 webinar series.

Sponsors: All Africa Conference of Churches, Caritas Africa, Islamic Relief, Jesuit Justice and Ecology Network Africa, Jubilee USA Network, Bread for the World

Location: WBG I 2-220

Registration to the World Bank/IMF Spring Meetings will be required to access the premises. No registration is needed to access the livestream, available at: https://www.worldbank.org/en/events/2024/06/26/civil-society-policy-forum-annual-meetings-2024#1

A Tale of Two Emergencies: Debt Policies of International Financial Institutions and Fiscal Injustices from a Global South Perspective

October 25, 2024 | 1:30 - 3:00 pm ET 

Jason Rosario Braganza
Executive Director, Afrodad

 Jane Nalunga
 Executive Director, SEATINI

 Eric LeCompte
Executive Director, Jubilee USA Network

 Samantha Kanoyangwa
Coordinator, African Sovereign Debt Justice Network

 Mark Flanagan
Deputy Director, Strategy, Policy, and Review Department, IMF

Debt policies by the international financial institutions have attracted intense controversy over the past decades, exemplified most recently by the popular discontent expressed in most of the Global South countries following several rounds of austerity measures proposals. Situating the Global South financial crisis, the session will explore how to effectively solve the debt and fiscal conditionality crises in a way that will allow these countries to advance development goals.

Sponsors: La Red Latinoamericana por Justicia Económica y Social (LATINDADD), African Forum and Network on Debt and Development – AFRODAD, Eurodad, The Asian Peoples' Movement on Debt and Development (APMDD) and Jubilee USA Network

Location: IMF HQ2-03B-768

Registration to the World Bank/IMF Spring Meetings will be required to access the premises. No registration is needed to access the Zoom livestream, available at: https://imf.zoom.us/j/94315177099?pwd=SBsrwZbSO71z5MpaC4HOEG416vAQGM.1

Pretend and Extend, or #CancelTheDebt? A Fork in the Road for the Debt Crisis

October 25, 2024 | 5:30 - 7:00 pm ET 

Patricia Miranda 
Global Advocacy Director, LATINDADD

Matthew Martin
Director, Development Finance International

Martín Guzmán
 Professor of Economics, Columbia University

Hassan Sherry
Senior Program and Research Officer, Arab NGO Network for Development

Allison Holland
Assistant Director and Division Chief, SPR Department IMF

The IMF insists there is no ‘systemic’ debt crisis requiring debt cancellation, but rather a ‘liquidity crisis’ requiring debt rescheduling. Civil society argues the opposite. What empirical bases best assess the extent of the crisis? What are the costs and risks of debt rescheduling and preemptive or post-default restructurings?

Sponsors: La Red Latinoamericana por Justicia Económica y Social (LATINDADD), African Forum and Network on Debt and Development – AFRODAD, Arab NGO Network for Development (annd), Arab Watch Coalition, Budget Advocacy Network (BAN), SLUG - Debt Justice Network Norway, Debt Justice, Development Finance International (DFI), Eurodad, The Initiative for Social and Economic Rights (ISER), MENA Fem Movement for Economic, Development and Ecological Justice, Oxfam and Jubilee USA Network

Location: HQ2-03B-768B

Registration to the World Bank/IMF Spring Meetings will be required to access the premises. No registration is needed to access the Zoom livestream, available at: https://imf.zoom.us/j/94281756423?pwd=RuWPaCfkXpHI1SVOElltYJ5rvc8o1H.1

Petition to G7 and G20 Finance Ministers signed by 106 African Religious Leaders from 19 countries. Read the letter here.

Ahead of IMF, World Bank and G20 Meetings, IMF Head Delivers Views on Global Economy

"...our forecasts point to an unforgiving combination of low growth and high debt—a difficult future," stated IMF Managing Director Kristalina Georgieva speaking ahead of the Annual Meetings of the IMF and World Bank. Georgieva noted that public debt is higher than before the pandemic and in spite of declining inflation, prices remain high.

“While we experience lower inflation, prices for groceries will remain high for all of us,” said Eric LeCompte the Executive Director of Jubilee USA Network who attends the meetings. “Not enough jobs, high debt payments and food prices are impacting the poor the most.”

The role of the IMF in debt relief and restructurings will be on the agenda at the meetings. In June, Pope Francis called for urgent action on debt forgiveness and new international vehicles to address debt crises, in the lead up to the Jubilee 2025 year.

"Debating solutions for debt crises, that affect most developing countries, dominates the agenda of the upcoming meetings," shared LeCompte.

Georgieva noted that expanding conflicts could destabilize markets and economies and countries are making hard choices to address climate change or poverty.

"In addition to the loss of life because of war, there is a global human cost as war derails cooperation for global agreements on poverty, jobs and climate issues," explained LeCompte. "Georgieva stressed the stark choices that too many countries face to pay debt, address climate challenges or build schools."

Delivering her first curtain-raiser speech since members appointed Georgieva to a second term at the helm of the institution, she raised the need to regulate artificial intelligence as it could have a role in managing aspects of the global economy.

"Given artificial intelligence is being raised as a way to strengthen the economy, it is crucial that all of us participate in the decisions of if, how and where AI is used and who controls AI," said LeCompte. 

Pope Francis addressed the recent G7 Summit on the ethical implication of artificial intelligence.

The managing director's speech alluded to recent IMF decisions lowering high surcharges that countries pay on loans and increasing capacity to lend at zero percent interest rate to the poorest countries.

“Surcharges punish countries experiencing a crisis,” noted LeCompte. “The decision to lower the surcharges is a necessary step, but more action on surcharges is needed.”

Read Kristalina Georgieva's curtain-raiser speech here.

Read Pope Francis' June address on the focus of Jubilee 2025 here.  

Read Jubilee USA Network and Friedrich-Ebert-Stiftung New York Office's "Debt Sustainability Assessments and their Role in the Global Financial Architecture" paper series here. 

Experts Present a Series of Papers to IMF Executive Directors Ahead of Annual Meetings