IMF Warns of Unstable Financial System

Washington DC - The International Monetary Fund warns of growing financial instability as a result of high debts and risky investing in the release of the IMF 2019 Global Financial Stability Report. The report raised fears that developing countries are borrowing too much.

"The Fund is recommending more transparency and greater surveillance of corporate and country debt," shared United Nations debt expert and Jubilee USA Director, Eric LeCompte. "While these recommendations are good, they fall short of the policies we need to prevent the next financial crisis. We need a global bankruptcy process. We need global laws on responsible lending and borrowing."

Yesterday, the IMF downgraded global economic forecasts, calling the future of the economy, "precarious" and "uncertain," with the release of the 2019 World Economic Outlook Report. 

"We all wish the latest reports from the IMF were about sunshine and rainbows. Unfortunately, this is the most bleak economic outlook report that I've seen from the Fund," noted LeCompte who monitored IMF reports since 2010.

Read about the World Economic Outlook Report

Read the IMF Global Financial Stability Report

Read about Jubilee USA's Friday High-Level IMF/World Bank event with His Excellency Dr. Abdirahman D. Beileh, Minister of Finance for Somalia, on resolving Somalia's debt and economic crisis here

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IMF Reports Dismal, "Uncertain" Economic Outlook

Washington DC - The International Monetary Fund downgrades global economic forecasts, calling the future of the economy, "precarious" and "uncertain," with the release of the 2019 World Economic Outlook Report.

"This is the most bleak economic outlook report that I've seen from the Fund," noted Jubilee USA Director Eric LeCompte who monitored IMF reports since 2010. "World leaders should be very concerned."

As a result of global economic risks, rising debt levels and trade tensions, the IMF's flagship report down graded economic growth projections to 3 percent. The report also cited growing disparity in wealthy and "advanced" economies and regions.

"Inequality is on the rise even in some of the richest societies," stated LeCompte who serves on United Nations finance expert groups. "The same disparity we see between developed and developing economies, is also on the rise at regional levels and within wealthy countries themselves."

Read the IMF World Economic Outlook Report

Read about Jubilee USA's Panel Are We Sitting on a New Debt Time Bomb? Tackling the Debt Emergency

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Are We Sitting on a New Debt Time Bomb?

Are We Sitting on a New Debt Time Bomb?

Tackling the Debt Emergency

Sponsored by Eurodad, Latindadd, Afrodad, Jubilee USA Network, Jubilee Germany, Norwegian Church Aid, Debt Justice Norway

WHAT: IMF/World Bank Annual Meetings panel on rising debt levels.

This session discusses how a new debt emergency is here. Ever more countries worldwide are being forced to jeopardize human rights, development and climate goals to service rising debt costs. Are current approaches to sovereign debt resolution adequate? What does a bold reform agenda look like, and how can it gain political momentum?

WHO:  Fanwell Bokosi, Executive Director, AFRODAD; Mark Flanagan, International Monetary Fund Debt Division; Eric LeCompte, Executive Director, Jubilee Network, USA; Patricia Miranda, Coordinator of Finance for Development, Latindadd; Myriam Vander Stichelle, Senior Researcher, SOMO

WHEN: 9: 00 AM – 10:30 AM EST Wednesday, October 16 

WHEREIMF Headquarters 2 - 038 838B

To RSVP, please contact Kate Zeller at kate@jubileeusa.org or (202) 783-3566 x105

Only registered participants in the 2019 IMF/World Bank Annual Meetings can access this event

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Liberia and Somalia: Microcosms into Debt Relief, Climate Crises and Resilience Intersectionality

Liberia and Somalia: Microcosms into Debt Relief, Climate Crises and Resilience Intersectionality

IMF/World Bank Annual Meetings

Friday, October 18
1: 30 PM – 3:00 PM EST

Building I Room 2-210

Moderator: 
Eric LeCompte,
Jubilee USA Network

Panelists:
 H.E. Dr. Abdirahman D. Beileh
, Minister of Finance, Federal Republic of Somalia
H.E Amara Konneh, Former Minister of Planning and Economic Affairs, Liberia,
H.E Ali Sharif Ahmed, Ambassador of Somalia to the U.S,
Ms. Allison Holland, Country Director, IMF in Somalia,
Dr. Zachary Carmichael, Task Team Leader for the Famine Action Mechanism (FAM), World Bank,
Simon Nyabwengi, National Director, World Vision International - Somalia Programme,
Fouzia Abdi, Program Director - Gargaar Relief Development Organization,
Nasra Ismail, Director of Somali NGO Consortium, Executive Director, Somalia NGO Consortium

Sponsored by Jubilee USA Network and the Somalia NGO Consortium

H.E. Dr. Abdirahman D. Beileh, Minister of Finance, will highlight the impact of Somalia’s debt in social-economic recovery as one of the panelist. H.E Amara Konneh, Former Minister of Planning
and Economic Affairs, Liberia will share their experiences in achieving debt relief and what difference it has made to Liberia’s recovery.

To RSVP, please contact Kate Zeller at kate@jubileeusa.org or (202) 783-3566 x105

Only registered participants in the 2019 IMF/World Bank Annual Meetings can access this event

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Time Focuses on Eric LeCompte's Thoughts on IMF Director Georgieva

Time cites Eric LeCompte on the new IMF Managing Director, Kristalina Georgieva's appointment. Read an excerpt below, and click here for the full story.

Eric LeCompte, executive director of the religious development group Jubilee USA Network, said he expected Georgieva will focus on general inequality, environmental issues and the need for more resources to be directed to developing nations, issues she championed at the World Bank.
Read more here
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Associated Press Cites Eric LeCompte on New IMF Director

The Associated Press quotes Eric LeCompte on Kristalina Georgieva's appointment as IMF Managing Director. Read an excerpt below, and click here for the full story.

Economist who grew up in communist Bulgaria is new IMF chief

Eric LeCompte, executive director of the religious development group Jubilee USA Network, said he expected Georgieva will focus on general inequality, environmental issues and the need for more resources to be directed to developing nations, issues she championed at the World Bank.
Read more here

 

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Eric LeCompte's Thoughts on New IMF Director in AFP

The Agence France-Presse cites Eric LeCompte thoughts on Kristalina Georgieva's new role as IMF head. Read an excerpt below, and click here for the full story.

Kristalina Georgieva named IMF managing director

Jubilee USA, a faith-based debt-relief organization, hailed Georgieva's selection.

"Under Georgieva's leadership, we will see emphasis on gender inequality, environmental issues and the need for more resources to be directed to the developing world," Eric LeCompte, Jubilee USA's executive director, said in a statement.

Read more here

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Jubilee USA Featured in the Guardian

The Guardian mentions the Jubilee movement in an article on Kristalina Georgieva's selection as new IMF Managing Director. Read an excerpt below, and click here for the full story.

Georgieva’s brave new agenda at IMF threatened by economic storm clouds

If the IMF is to tackle inequality, Georgieva will need to turn the steering wheel almost as hard as she must on the environment. For some time the IMF has come under fire for only helping countries hit by natural disasters with loans they can ill-afford to pay back. The charity Jubilee Debt 2000, which campaigns against austerity and in favour of debt forgiveness for poor countries, says Georgieva should review IMF support for countries devastated by typhoons, tsunami’s and earthquakes.
Read more here
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Brietbart Quotes Eric LeCompte on New IMF Chief

Brietbart cites Eric LeCompte on Kristalina Georgieva's appointment as IMF chief. Read an excerpt below, and click here for the full story.

Kristalina Georgieva named IMF managing director

Jubilee USA, a faith-based debt-relief organization, hailed Georgieva’s selection.

“Under Georgieva’s leadership, we will see emphasis on gender inequality, environmental issues and the need for more resources to be directed to the developing world,” Eric LeCompte, Jubilee USA’s executive director, said in a statement.

Read more here

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Campaigns moving fast, we need your help...

Friends, 

I'm just back from the United Nations General Assembly where we addressed Heads of State and world leaders on climate driven weather events, tax havens, rising debt levels and combating the causes of global child poverty.

We shared how debt, tax, trade and transparency policies translate into developing countries losing money. When countries lose money they are unable to respond to natural disasters or meet the Sustainable Development Goals. This means - according to UNICEF, that 22,000 children die under the age of 5 every single day in our world because of poverty.

We need your help urgently as several of our campaigns move forward to address the root causes of poverty. We need your help as we move forward campaigns that make sure countries can deal with the impacts of climate driven weather events and disasters. Your donation to support Jubilee USA's campaigns is DOUBLED now and is tax-deductible.

Our debt relief efforts for Somalia are gaining momentum. Congress will soon vote on the Corporate Transparency Act to combat financial secrecy, protect debt relief monies and prevent human trafficking. Your e-mails, calls and organizing this summer meant we won debt and disaster relief for Puerto Rico. Our Puerto Rico efforts are vital now as new debt plans are released and we need to win billions more in disaster aid.

When you donate to Jubilee USA, we can:

  • Pass the Corporate Transparency ACT

  • Push for a new NAFTA trade deal that ensures vulnerable populations and all who need life-saving medicines can access the medicines they need

  • Win debt relief for Somalia

  • Move forward debt and disaster relief for Puerto Rico and the US Virgin Islands

  • Further our efforts to address student debt, predatory debt collection and payday lending

Please join me and make a tax-deductible contribution to Jubilee USA that will be matched and doubled. We need to raise money so we can move forward our urgent strategic campaigns.

Your partnership propels our efforts to build an economy that lifts, protects and promotes the participation of the most vulnerable.

Gratefully,

Eric

Eric LeCompte
Executive Director

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