Eric LeCompte
Executive Director
Jubilee USA Network

[email protected]
www.jubileeusa.org/support-us

Aldo Caliari
Senior Director of Policy and Campaigns
Jubilee USA Network
[email protected]
www.jubileeusa.org/support-us

PS. Please make a tax-deductive donation to Jubilee USA before the year end. Your donation is doubled now.

Watch JUBILEE 2025 Press Conference: The Jubilee 2025 Pilgrimage to Tackle Debt, End Poverty, and Heal Our Planet

Vatican City – On Christmas Eve and Christmas day, Pope Francis begins the Jubilee 2025 Year and opens 5 Jubilee Doors. In June with a special address and recently for the World Day of Peace message, Francis laid out the themes for the Jubilee Year as debt cancellation for developing countries and reforms to the international financial system, including a new international bankruptcy process for countries.

“Most countries are dealing with debt and financial crises,” noted Eric LeCompte the Executive Director of Jubilee USA Network, a United Nations finance expert and an advisor to the Vatican and Catholic Bishops on debt and economic issues. “Pope Francis is calling for global debt relief and changes to the international financial system to protect the poor and our planet.”

This month, the World Bank reported that developing country debt payments reached almost $1 trillion, double the amount they were a decade ago.

Around the world, faith leaders and religious organizations of multiple denominations, together with development groups, plan to lift debt relief as the primary campaign objective in more than 160 countries.

“Historically, debt relief has been the most successful campaign of the Church,” shared LeCompte. "Debt relief and new processes to address poverty are essential for moving forward an economy that serves everyone."

In Church documents and speeches leading up to the beginning of the Jubilee year, Pope Francis consistently appealed to forgive unpayable debts and create rules for addressing debt crises.

Available for interview: Eric LeCompte, Executive Director
Contact: Salma Alokozai, Communications and Outreach Director
[email protected] / (202) 503-4372

Resources:

• Link for Pope Francis June 5th speech on debt being the focus for Jubilee 2025
• Link for Pope Francis World Day of Peace focusing on debt

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.