Continuing War, Pandemic, Inflation Drive Up Fears of Global Recession

October 12, 2022 | 8:30–10:00 am ET (12:30–2:00 pm GMT)

Engaging Africa Faith-Based Institutions for Africa's Inclusive Economic Recovery 

Caritas Africa and its partners have mobilized faith-based institutions in Africa to campaign for Africa’s inclusive economic recovery from the multiple crises. The session seeks to raise concerns and facilitate policy dialogue on debt management, concessional financing and equitable deployment of special drawing rights to aid speedy and transformative recovery.

Caritas Africa's Manager for the Africa Inclusive Economic Recovery Campaign, Samuel Zan Akologo, moderates a panel with Frank Schneider, Development Finance Specialist, Development Finance Division, German Ministry of Finance, Most. Rev. Sithembele Anton Sipuka, Bishop of the Diocese of Mthatha, South Africa, and former Vice President, Symposium of Episcopal Conferences of Africa and Madagascar, Eric LeCompte, Executive Director, Jubilee USA Network, Lucy Esipila, Policy and Advocacy Officer, Caritas Africa, Charles Chilufya, S.J., Rev. Fr., Director, Jesuit Justice and Ecology Network Africa, Andrew John Tiffin, Senior Economist at the African Department, IMF

Sponsors: Caritas Africa, Jubilee USA Network

Location: World Bank "I" Building, Room I 2-220, 1850 I St NW, Washington, DC 20006

Registration to the World Bank/IMF Annual Meetings will be required to access the premises. No registration is needed to access the livestream, available at: https://www.worldbank.org/en/events/2022/06/16/civil-society-policy-forum-annual-meetings-2022#:~:text=Furthermore%2C%20the%20WBG%2DIMF%20Annual,here%20to%20access%20the%20form

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October 14, 2022 | 4:30–6:00 pm ET (8:30–10:00 pm GMT)

International Financial Architecture Reform for a Fair Debt Crisis Resolution

The number of countries struggling with the worst debt crisis in decades is increasing. There is global consensus that the international financial architecture is failing to deliver a timely, fair and comprehensive debt treatment to those countries that need it. However, there is no agreement on the direction that reforms of the financial system and debt architecture should take. The experienced and distinguished panelists will discuss a range of proposals for reform, and how they could and should be delivered. They will also take questions and comments from the floor.

Reuters' Senior Correspondent, Andrea Shalal, moderates a panel with Mathew Martin, Director, Development Finance International, Patricia Miranda, Global Advocacy Director, Latindadd, Guillaume Chabert, Director of the Strategy, Policy, and Review Department (SPR) of the IMF, Marcello Estevao, Global Director, Macroeconomics, Trade & Investment at the World Bank

Sponsors: ActionAid International, African Forum and Network on Debt and Development (AFRODAD), Asian People’s Movement on Debt and Development (APMMD), CAFOD, Center for Economic and Social Rights, Christian Aid, Debt Justice Norway, Debt Justice UK, Global Policy Forum, Jubilee USA Network, Norwegian Church Aid, Red Latinoamericana por Justicia Económica y Social (Latindadd), Society for International Development, Third World Network, ESCR-Net, European Network on Debt and Development (EURODAD)

Location: IMF HQ2-03B-768B, 1900 Pennsylvania Avenue NW, Washington, DC 20431

Registration to the World Bank/IMF Annual Meetings will be required to access the premises. No registration is needed to access the livestream, available at: https://www.worldbank.org/en/events/2022/06/16/civil-society-policy-forum-annual-meetings-2022#:~:text=Furthermore%2C%20the%20WBG%2DIMF%20Annual,here%20to%20access%20the%20form

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October 14, 2022 | 10:00 am–5:15 pm ET 

October 15, 2022 | 9:00 am–12:30 pm ET 

Jubilee USA Interfaith Vigil, Press Conference and Teach-in

Join us on Friday, October 14th for a vigil, teach-in and press conference outside of the IMF, World Bank and G20 Meetings. Hear how religious and community leaders from around the world are working for a Jubilee. On Saturday morning, October 15th, we will bring thousands of paper chains to the IMF calling for debt relief and economic aid.

A full schedule is available here: https://www.jubileeusa.org/imf_world_bank_annual_meeting_mobilization_22

"Senseless War," Pandemic and Inflation Threaten Economy, Warns IMF Chief Ahead of World Leader Meetings

The global economy is more fragile noted IMF Managing Director Kristalina Georgieva. In her curtain-raiser speech ahead of the IMF and World Bank Annual Meetings, Georgieva predicted a $4 trillion global loss through 2026.

“Most of us already feel like we are experiencing a recession," said Eric LeCompte the Executive Director of Jubilee USA Network who has monitored IMF policy since 2010. “Before the pandemic, most of the world's countries were facing economic crises. Since the pandemic, we had three years of crisis after crisis and the world is facing recession."

According to Georgieva, growing debt vulnerabilities in emerging developing economies and more than 60% of low-income countries raise the risk of a widening debt crisis that harms populations and global growth. The IMF chief urged a quicker implementation of a G20 debt relief process known as the Common Framework for Debt Treatments Beyond the Debt Service Suspension Initiative.

“Debt relief processes are moving too slow,” stated LeCompte, a United Nations finance expert. "The debt relief processes that we have don't even cover all of the countries in dire need of relief."

Referring to food insecurity that now affects more than 345 million people worldwide, Georgieva said that a food emergency financing window that the IMF unveiled last week will help the most affected countries.

“The IMF acted rapidly to support countries facing rapidly rising food bills, but we should not forget these are still loans for countries facing too much debt,” stated LeCompte. 

Watch the curtain-raiser speech here.

Read Jubilee USA's press release on the IMF Food Shock Window here.

Find Jubilee USA's full list of upcoming events here.

Protecting Lives, Livelihoods and Planet

October 14-15, 2022

 

Where:

Outside IMF and World Bank, Community Park 1824-1884 H St NW, Washington, DC 20006.

Schedule for Friday, October 14th

• 10:00 AM – 11:45 AM: Raising the Sukkah
  
  
  • Elise Bean, Director, Washington Office of Levin Center, Wayne Law, author and former lead investigator for Senator Carl Levin
    
    
  • Abby Nash, Senior Director of Campaigns, Jubilee USA Network 
    
    
  • Yolanda Savage-Narva, Assistant Vice President, Racial Equity, Diversity, and Inclusion (REDI) for the Union for Reform Judaism
    
    
  • Damon Silvers, Special Counsel and Senior Adviser, Jubilee USA Network
    
    
• 2:00 PM: Opening Prayer Service
  
  
  • Reverend Dr. Susan Henry-Crowe, General Secretary, The United Methodist Church General Board of Church and Society
    
    
• 2:15 PM: Press Conference
  
  
  • Reverend Dr. Susan Henry-Crowe, General Secretary, The United Methodist Church General Board of Church and Society
    
    
  • Patricia Miranda, Latin American Network on Social and Economic Justice
    
    
  • Eric LeCompte, Executive Director, Jubilee USA Network
    
    
• 2:45 PM: Teach-In
     
  Speakers include: 
  
  
  • Ktjel Abildnes, Norwegian Church Aid
    
    
  • Daniela Berdeja, Latin American Network on Social and Economic Justice
    
    
  • Aldo Caliari, Senior Director of Policy and Strategy, Jubilee USA Network 
    
    
  • Tom Cardamone, Global Financial Integrity
    
    
  • Imani Countess, US/Africa Bridge Building Project
    
    
  • Iolanda Fresnillo, European Network on Debt and Development
    
    
  • Tim Jones, Debt Justice UK
    
    
  • Gary Kalman, Executive Director, Transparency International U.S.
    
    
  • Matti Kohonen, Financial Transparency Coalition
    
    
  • Richard Kozul-Wright, Director, Globalization and Development Strategies Division, United Nations Conference on Trade and Development (UNCTAD)
    
    

  • Katherine Marshall, Interfaith 20 and Berkley Center on Religion, Peace and World Affairs
    
    

  • Matthew Martin, Debt Relief International
    
    

  • Patricia Miranda, Latin American Network on Social and Economic Justice
    
    

  • Rick Rowden, American University
    
    

• 5:15 PM: Closing Prayer Service
  
  
  • Susan Gunn, Director, Maryknoll Office for Global Concerns

Schedule for Saturday, October 15th

• 9:00 AM - 12 PM: Vigil
  
  
• 12:00 PM: Break the Chains of Debt: Paper Chains and Messages Delivered to IMF and G20
  

Register at Jubilee USA IMF/World Bank Mobilization Registration Form

Follow the livestream here. 

Presbyterian Mission features Aldo Caliari on the International Debt Crisis, private creditors, and the New York Taxpayer and International Debt Crises Protection Act. Below is a brief excerpt, and click here to read the full article.

Call to New York Presbyterians: Take Action on International Debt Crisis

By Aldo Caliari

In May, New York State Assembly member Patricia Fahy, Chair of the Banks Committee, introduced legislation that would ensure private creditors participate in debt relief initiatives at the same level as the US government, other governments and other creditors. Under the New York Taxpayer and International Debt Crises Protection Act, a debtor country cleared to have debt cuts in an international initiative would be protected from private creditor litigation. Should a private creditor sue, the legislation requires that the judge reduces their claim by the same proportion agreed in the applicable global debt initiative. Of course, with such ruling expected, the hope is that most creditors will likely not choose to go to court at all. Debtor countries can manage crises more efficiently, finding a quicker exit and lowering the economic and social costs to their people, especially the most vulnerable.

Read more here.

US Catholic quotes Eric LeCompte on the use of rising interest rates to combat inflation, and its implications for debt-ridden countries. Read an excerpt below, and click here for the full article.

We can’t fight inflation at the expense of the poor

By Kevin Clarke

In this time of converging crises, rising interest rates “mean developing countries have higher debt payments just when they need to invest more to protect their people,” Eric LeCompte, director of Jubilee USA Network, reminded policymakers as G20 finance ministers convened in Bali, Indonesia in July. “Countries need debt relief, not more debt.”

Raising interest rates to combat inflation can only be one aspect of a comprehensive approach to stabilizing the global economic order. A human factor, the church’s preferential option for the poor, must be part of the calculus among economists in Washington, Geneva, Brussels, and New York.

Read more here.

Axios quotes Eric LeCompte in an article detailing the numerous political and economic crises Puerto Rico faces. Read an excerpt below, and click here for the full article.

Puerto Rico's intersecting crises

By Nathan Bomey

Driving the news: Puerto Rico's entire power grid — which has been in bankruptcy for the last half decade — went down after Hurricane Fiona ripped through on Sunday. It's another humanitarian crisis for an island that was supposed to be keeping the lights on by now.

• Only about 32% of Puerto Rico residents had power restored as of Thursday, while about 3 in 4 were still without clean water, according to Jubilee USA Network, an organization that has advocated for debt relief for Puerto Rico.
• "Even relatively minor storms can shut down the power grid on the island," Jubilee executive director Eric LeCompte tells Axios. And "the water supply is dependent in many parts of the island on the electrical grid."

Read more here.

Crux quotes Eric LeCompte on Puerto Rico's need for disaster recovery aid after being hit by Hurricane Fiona. Read an excerpt below, and click here for the full article.

Puerto Rico devastated after Hurricane Fiona hits

By John Lavenburg

Eric LeCompte, the executive director of Jubilee USA Network, told Crux in August that Puerto Rico needed an additional $50 billion in disaster recovery aid, and an acceleration of the disbursement of the $55 billion in disaster recovery aid that Congress has already allocated for recovery efforts related to Hurricanes Maria and Irma, cautioning how bad things could get if it experienced another disaster.

He renewed that call Sept. 20, saying in a statement that “Puerto Rico will need more aid to address the damages from Hurricane Fiona, the island’s child poverty crisis and recovery from previous disasters.”

Read more here.