Badische Zeitung Quotes Executive Director Eric LeCompte on Sluggish African Aid

German news company Badische Zeitung quotes Eric LeCompte on the IMF and World Bank's sluggish aid towards African countries. Read an original and translated excerpt from the article, and click here for the full article

Afrika ist unzufrieden

By Rolf Obertreis

Nicht-Regierungsorganisationen wie etwa das Jubilee USA Network äußern ebenfalls Kritik. "Die Kombination aus hoher Inflation und Rezession trifft die Armen und Ärmsten massiv", klagt Jubilee-Direktor Eric LeCompte. Einige der vorgeschlagenen Einspar-Lösungen und höhere Zinsen würden zusätzliche Schmerzen verursachen. Dazu kämen die Folgen des Klimawandels, die arme und ärmste Länder besonders treffen. Mindestens 300 Milliarden Dollar seien für Anpassungsmaßnahmen bis 2050 nötig, heißt es beim IWF. Die Nicht-Regierungsorganisation Eurodad sieht 85 Prozent der Weltbevölkerung von rigiden Sparmaßnahmen betroffen. Unter anderem würden Programme zur Unterstützung von Frauen, Kindern und Älteren gestrichen, Gehälter von Lehrkräften gekappt und Subventionen für den Gesundheitssektor getilgt.

(Translated) Non-governmental organizations such as the Jubilee USA Network have also expressed criticism. "The combination of high inflation and recession is hitting the poor and the poorest hard," complains Jubilee director Eric LeCompte. Some of the proposed savings solutions and higher interest rates would cause additional pain. In addition, there are the consequences of climate change, which hit poor and poorest countries particularly hard. According to the IMF, at least 300 billion dollars are needed for adjustment measures by 2050. The non-governmental organization Eurodad sees 85 percent of the world's population affected by rigid austerity measures. Among other things, programs to support women, children and the elderly would be canceled, teachers' salaries would be cut and subsidies for the health sector would be eliminated.

 

Read here for more.

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IMF and World Bank Meetings Conclude

Observers Assert that Meetings were Lost Opportunity

Washington DC – World leaders gathered for the annual IMF and World Bank Meetings, focused on the pandemic, Ukraine war and decades-high inflation impacting the global economy. The IMF downgraded growth and forecasted losses of $4 trillion between now and 2026. Neither the G20, nor the policymaking bodies of the IMF and World Bank, reached a consensus on statements.

"Russia's invasion of Ukraine dominated the meetings and prevented world leaders from reaching agreements to address the growing global economic crisis," noted Eric LeCompte, Executive Director of the religious development group Jubilee USA Network.

Multiple reports during the meetings focused on a likely global recession, economic downturns, inflation and climate challenges.

"It’s hard to believe that three years into the pandemic, the economic warnings from the IMF forecast greater problems to come,” said LeCompte. “It seems we will see a global recession.”

Developing countries struggle with high debts and interest rate hikes that drive up their debt payments.

"As interest rates rise to tackle inflation, we could see a number of defaults in developing countries,” added LeCompte. "The financial system does not have the tools to deal with multiple debt crises.”

Three countries applied for debt relief under a process agreed by the G20 last year and still have not received debt reductions. The Chair of the International Monetary and Financial Committee welcomed progress on the Zambia debt restructuring under the G20 Common Framework process.

"Beyond some progress on Zambia’s debt restructuring, which comes with significant delay, none of the signals the G20 provided today would encourage borrowers facing debt crisis to use the Common Framework,” stated LeCompte. "Lacking a predictable path for debt relief, indebted countries choose to postpone facing their debt problems."

IMF membership finalized details that allow a new vehicle, the Resilience and Sustainability Trust to begin loans. Three countries, Barbados, Costa Rica and Rwanda, already reached initial agreements to receive loans under the Trust, which takes Special Drawing Rights aid from wealthy countries to fund cheap climate and pandemic loans for vulnerable countries. The IMF also announced pledges of $40 billion in SDR contributions towards the Trust.

"With the Trust already in place, the G20 should focus on similar Special Drawing Rights funding to expand development bank lending," shared LeCompte.

In a statement to the meetings, Africa's Catholic Bishops and major faith leaders called for wealthy countries to rechannel a significant portion of their stock of more than $400 billion in Special Drawing Rights to African countries.

“We especially want to highlight, in our region, the enormous potential of rechanneling through the African Development Bank,” the faith leaders shared.

The IMF also passed a Food Shock Window – a temporary expansion in low-conditions, low-cost loans for countries dealing with food crises.

Members, on the other hand, did not make decisions on the IMF penalty rates for countries taking loans. The surcharges will cost 14 developing countries $8 billion in payments during 2021-2028.

"IMF penalty rates for countries taking loans should be suspended when so many countries need these loans for shocks that fall outside of their control,” stated LeCompte.

Finance ministers discussed proposals to increase development bank lending. US Treasury Secretary Janet Yellen called for development banks to devise new approaches to address global challenges without sacrificing their primary poverty-reduction goals.

"Responding to climate change and other global challenges means that development banks will need to do more,” said LeCompte. "At these meetings, we saw growing momentum to boost development banks so they can provide more aid and lending."

According to the IMF, developing countries will need $300 billion annually in additional funding to adapt to climate change. The World Bank estimates current climate finance amounts should quadruple.

"There is growing concern about the way the climate emergency disproportionately hurts the poor,” added LeCompte.

Jubilee USA, IMF and World Bank Vigil and Paper Chain Delivery: Saturday, October 15th, 11:30 AM, Community Park, outside of the IMF. The chains that we will display in front of the IMF and World Bank between 11:30 AM and noon, were made by churches and synagogues across the US to send messages of debt relief to world leadersView the advisory here. Link to the online and in-person press registration here.

Read the full African Catholic Bishops and religious leader statement here.

Read Jubilee USA's statement on the IMF and World Bank Annual Meetings here

Read Jubilee USA's statement on the G20 Finance Ministers Meeting here

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

Read Jubilee USA's statement on the Global Financial Stability Report here.

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

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

Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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Available for interview: Eric LeCompte, Executive Director
Contact: Mizraim Belman Guerrero, Communications and Outreach Director
[email protected] / (202) 430-6975

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Jubilee USA Statement on IMF, World Bank Annual Meetings

Jubilee USA Statement on IMF, World Bank Annual Meetings

Religious and Development Groups hold Press Conference at 2:15 PM, Outside IMF

Washington DC – The International Monetary Fund, World Bank, G20 and G7 conclude meetings this week focused on the global economy. The impacts of the pandemic, Ukraine war, inflation, developing country debt, food security and climate crisis are on the agenda.

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

"As a global recession looms, we must take action more quickly.
 
"The war, rising interest rates and inflation are putting developing countries in an even more difficult situation.

"Ahead of the meetings, the IMF reported that the US and other large economies will see contractions and this impacts the entire global economy.

“Everyone is hurt by rising food and energy prices. The burden is greatest on the poor. 

"I'm concerned that some of the proposed solutions of austerity and higher interest rates will cause greater pain.

"As the dollar gets stronger, developing country debts become dangerously unsustainable."

 

Jubilee USA, IMF and World Bank Press Conference: Friday, October 14th, 2:15 PM, Community Park, outside of the IMF. Religious and development groups respond to the IMF and World Bank Meetings and International Monetary and Finance Committee (IMFC) outcomes. View the advisory here. Link to the online and in-person press registration here.

Find Jubilee USA's press release on the G20 meeting here.

Find Jubilee USA's October 14th and 15th interfaith vigil, press conference and teach-in details here.

Read Jubilee USA's press release on the World Economic Outlook and Global Financial Stability reports here.

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

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

Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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Available for interview: Eric LeCompte, Executive Director
Contact: Anjoulie Woodhead, Communications and Outreach Director
[email protected] / (202) 430-6975

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Press Advisory: Jubilee USA Holds IMF/World Bank Meetings Vigil, Teach-In and Press Conference this Friday and Saturday

Photo Opportunities of hundreds of paper chains and Sukkah Raising Friday and Saturday Outside IMF and World Bank (schedule below)

Jubilee USA, IMF and World Bank Press Conference
Friday, October 14th, 2:15 PM
(Press RSVP to receive Facebook live link and ask questions online)

Who: 
 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 

What: 
Religious and development leaders hold a press conference, vigil and teach-in to comment on the IMF, World Bank, G7 and G20 meetings. The annual meetings are where consequential decisions affecting billions of people and our planet are made. In the face of shocks from the Ukraine war, the pandemic and food crisis, religious and development groups call on world leaders to support jobs, vaccine distribution, debt relief, economic aid and climate change solutions.
 
Where:
Outside IMF and World Bank, Community Park 1824-1884 H St NW, Washington, DC 20006.
 

Schedule for Friday, October 14th
  • 10:00 AM: Raising the Sukkah
  • 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

  • 2:45 PM: Teach-In

    • Ktjel Abildnes, Norwegian Church Aid

    • Elise Bean, Director, Washington Office of Levin Center, Wayne Law, author and former lead investigator for Senator Carl Levin

    • Daniela Berdeja, Latin American Network on Social and Economic Justice

    • 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

    • 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: Vigil

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

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*In-person on-camera interviews available. Photo opportunities.*
Contact: Mizraim Belman Guerrero, Communications and Outreach Director
[email protected] / (202) 430-6975

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Jubilee USA Statement on G20 Finance Ministers Meeting

G20 Finance Ministers Struggle With Economic Slowdown, Global Recession and Highest Inflation in Forty Years

Washington DC – G20 finance ministers conclude their meetings during the Annual IMF and World Bank Meetings. The ministers focused on the pandemic, Ukraine war and inflation shocks to the global economy, debt vulnerabilities in developing countries, food insecurity and the climate crises. 

Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who has monitored G20 and IMF meetings since 2010, releases the following statement on the G20 finance ministers meeting:

"The G20’s internal rifts prevent the group from responding to multiple crises.

"As interest rates rise to tackle inflation we could see a number of disorderly defaults in developing countries.

"The financial system does not have the tools to deal with multiple debt crises.

"The G20 debt relief process has not, yet, passed key tests showing it can be speedy, reduce debt and involve the private sector.

"Beyond the progress on Zambia’s debt restructuring, which comes with significant delay, none of the signals the G20 provided today would encourage borrowers facing debt crisis to use the Common Framework.

"IMF penalty rates for countries taking loans should be suspended when so many countries need these loans for shocks that fall outside of their control.

"Food price inflation and the pandemic shocks led to a rise of 200 million people going hungry in the last two years.

"The IMF Food Shock Window that expands cheap loans to deal with the food crisis is important, but only a temporary and limited relief measure.

"The G20-commissioned expert group made proposals to expand development bank lending.

"It's up to the G20 to decide which proposals to implement that could yield hundreds of billions of dollars to respond to global challenges. 

"The G20 gave the green light to the Resilience and Sustainability Trust to provide long-term, cheap loans for pandemic and climate reforms in poor countries.

"Wealthy countries can donate their Special Drawing Rights to the Resilience and Sustainability Trust.

"With the Trust already in place, the G20 should focus on similar Special Drawing Rights funding to expand development bank lending."

 

Join us for a Jubilee USA, IMF and World Bank Press Conference: Friday, October 14th, 2:15 PM, Community Park Outside of IMF, view advisory and online and in-person press registration. (Link to registration here).

Find Jubilee USA's October 14th and 15th interfaith vigil, press conference and teach-in details here.

Read Jubilee USA's press release on the World Economic Outlook and Global Financial Stability reports here.

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

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

Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

###

Available for interview: Eric LeCompte, Executive Director
Contact: Anjoulie Woodhead, Communications and Outreach Director
[email protected] / (202) 430-6975

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Ahead of Annual IMF and World Bank Meetings, IMF Forecasts Lower Growth

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

Washington DC – As world leaders arrive for G7, G20, IMF and World Bank Meetings, the IMF downgraded economic growth to 2.7%. As the global economy grapples with the Ukraine war, pandemic, a food crisis and inflation, the IMF warns of recession in two reports.

"It seems likely that we are heading into a recession,” said Eric LeCompte, the Executive Director of the development organization Jubilee USA Network. "The US and other large economies will see contractions and this impacts the entire global economy.”

The released flagship IMF World Economic Outlook report considers that rising interest rates could trigger more debt crises in developing countries. 

"As the dollar gets stronger, developing country debts become dangerously unsustainable,” added LeCompte. "The war and rising interest rates are putting developing countries in an even more difficult situation."

In its Global Financial Stability Report, the IMF stated that the persistence of inflation is a challenge the world economy has not faced in decades.

"The combination of high inflation and recession deeply affects the poor,” stated LeCompte. "Some of the proposed solutions of austerity and higher interest rates will cause pain."

In a chapter devoted to climate finance, the report indicated that developing countries will need $300 billion a year just to adapt to the impacts of climate change, a figure that may grow larger by 2050.

"We need to protect our planet and we need to limit the economic losses posed by climate change," shared LeCompte.

On Wednesday, G7 and African finance ministers meet and on Thursday, G20 finance ministers. The IMF and World Bank main policymaking bodies meet on Friday.

Read the full World Economic Outlook Report here.

Read the full Global Financial Stability Report here.

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

Read Jubilee USA's statement on the Global Financial Stability Report here.

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

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

Find Jubilee USA's full list of this week's events here.

Find Jubilee USA's October 14th and 15th interfaith vigil, press conference and teach-in details here.

Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

###

Available for interview: Eric LeCompte, Executive Director
Contact: Anjoulie Woodhead, Communications and Outreach Director
[email protected] / (202) 430-6975

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Jubilee USA Statement on IMF Global Financial Stability Report

Unseen in Decades, Inflation Challenges Global Economy

Washington DC  The IMF releases the Global Financial Stability Report and raises global concerns over inflation, climate and recession.

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 the Global Financial Stability Report:

"As central banks in leading economies act to tame inflation, we see ripple effects on the debts of developing countries.

"The combination of high inflation and recession deeply affects the poor.

"Developing countries will need $300 billion a year just to adapt to the impacts of climate change, a figure that may grow larger by 2050."

Read the full Global Financial Stability Report 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

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

Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

###

Available for interview: Eric LeCompte, Executive Director
Contact: Anjoulie Woodhead, Communications and Outreach Director
[email protected] / (202) 430-6975

Read More

Jubilee USA Statement on IMF World Economic Outlook Report

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

Washington DCAs world leaders arrive for the Annual IMF and World Bank Meetings, the IMF releases its flagship World Economic Outlook report. The IMF downgraded economic growth to 2.7%, as the world economy grapples with the Ukraine war, pandemic, a food crisis and inflation.

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:

"It seems likely that we are heading into a recession.

"The US and other large economies will see contractions and this impacts the entire global economy.

"The war and rising interest rates are putting developing countries in an even more difficult situation.

“Rising food and energy prices hurt everyone, in particular the poor. 

"Some of the proposed solutions of austerity and higher interest rates will cause pain.

"As the dollar gets stronger, developing country debts become dangerously unsustainable."

Read the full World Economic Outlook Report here.

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

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

###

Available for interview: Eric LeCompte, Executive Director
Contact: Anjoulie Woodhead, Communications and Outreach Director
[email protected] / (202) 430-6975

Read More

Jubilee, IMF and World Bank Events

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 Shalalmoderates 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

Location: Edward R. Murrow Park

Register by clicking here. If you have any questions feel free to contact [email protected] or anjoulie@jubileeusa.org. To stay up to date on these events, visit our website at: https://www.jubileeusa.org/imf_world_bank_annual_meeting_mobilization_22

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IMF Predicts Global Economy to Lose $4 Trillion

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

Washington DC – 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.

###

Available for interview: Eric LeCompte, Executive Director
Contact: Anjoulie Woodhead, Communications and Outreach Director
[email protected] / (202) 430-6975

Read More

IMF and World Bank Interfaith Vigil, Press Conference and Teach-in

Protecting Lives, Livelihoods and Planet

October 14-15, 2022

World leaders will gather in Washington, DC for G20, G7, IMF and World Bank Meetings from October 10th - October 16th. At these meetings, they will make consequential decisions affecting billions of people and our planet. In the face of shocks from the Ukraine war, the pandemic and food crisis, we are calling on world leaders to support jobs, vaccine distribution, debt relief, economic aid and climate change solutions.

Join us on Friday, October 14th for a vigilteach-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.

To stay up to date on all of the events please register at the link below. If you have any questions feel free to contact [email protected] or [email protected].
 
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
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