IMF and World Bank Warn of Financial Crisis as Indonesian Currency Hits Asian Crisis Low - Jubilee USA Network

Bali, Indonesia -World leaders, finance ministers, heads of banks and nongovernmental organizations begin the Annual IMF and World Bank Meetings held this year in Indonesia. Ahead of the meetings the IMF issued stark warnings that another global financial crisis could be on the horizon. As the meetings kickoff, the currency of Indonesia hit lows reminiscent of the devastating "Asian Financial Crisis" of the 1990s.

"While we are dealing with a different situation since the last time the Indonesian Rupiah hit these terrible lows, the ghost of financial crisis haunts this year's IMF and World Bank meetings in Bali," noted Jubilee USA Executive Director Eric LeCompte, who tracked IMF and World Bank meetings for the last decade. "The IMF is saying our economy is stable now, but there are some serious risks to stability on the horizon and global inequality is on the rise."

The International Monetary Fund released two reports this week on the state of the global economy. Both the IMF Global Financial Stability Report and World Economic Outlook Report raise concerns around risky behavior and a lack of financial transparency spurring future crisis.   

"A lack of transparency in the financial system and in government budgets is a serious concern around the world," shared LeCompte who serves on UN finance expert groups. "In Indonesia, a lack of budget transparency meant that hundreds of people recently lost their lives from a tsunami when the government did not make minimal investments to repair their tsunami detection system."

LeCompte's organization, Jubilee USA, has organized a high-level event for October 12th during the Annual Meetings which focuses on budget transparency and financial crisis prevention. The event will further explore the need for economic aid and debt relief when countries experience economic shocks or natural disasters. Speakers include Finance Ministers and senior staff from the IMF, G-24 and the Vatican.

Read more about Jubilee USA's Panel at IMF Meetings

Read in Indonesian about Jubilee USA's Panel at IMF Meetings

Read the October 2018 World Economic Outlook Report

Read the Global Financial Stability Report

Read More

Eric LeCompte Speaks to Koran Jakarta on IMF Economic Projections

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with Koran Jakarta on IMF economic growth projections. Read excerpt below and follow link to full article.

IMF cuts Indonesia's growth projection to 5.1%

Responding to the IMF projection, Jubilee USA Executive Director, Eric LeCompte, stated the importance of looking at the decline in economic growth from 3.9 percent to 3.7 percent. "From the report, it reminds us that the economic imbalance is again a serious problem and that there is no guarantee that there will be a sense of security from the financial crisis," said LeCompte.

"We see the emergence of unsustainable speculation and debt habits as potential that can trigger a financial crisis," he added.

Read more here.

Read More

Eric LeCompte Speaks to the New Telegraph on Nigerian Debt

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with the New Telegraph on the debt situation in Nigeria. Read excerpt below and follow link to full article.

IMF to Nigeria: High oil prices shouldn’t delay reforms

Oil producing countries, including Nigeria, should not be tempted to delay reforms in their countries because of the present high oil prices, the International Monetary Fund (IMF) has advised. This counsel came hours after Eric LeCompete, who serves on United Nations experts groups that focus on economic issues, raised the alarm over Nigeria’s and other developing nations’ unsustainable debts, saying it “is a recipe for financial crisis.”

In a related development, Jubilee USA Executive Director, Eric LeCompte, also cautioned Nigeria and other developing economies on the unsustainability of their debts. “We are seeing a growing debt crisis in many developing economies,” stated LeCompete.

“At the same time, we see risky and speculative behaviour on the rise. We know that risky behaviour and unsustainable debt is a recipe for financial crisis.” It would be recalled that since last April, the IMF warned that not enough has been done to prevent future financial crisis.

Read more here.

Read More

Eric LeCompte Cited in Daily Trust on Debt Crisis in Africa

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with Daily Trust on the debt crisis in Africa. Read excerpt below and follow link to full article.

Nigeria, other African countries to discuss debt relieve, disaster aid

Eric LeCompte, a financial expert and executive director of Jubilee USA said: “We are seeing growing debt crises in many developing economies, at the same time, we see risky and speculative behaviour on the raise.

“We know that risky behaviour and unsustainable debt is a recipe for financial crises.”

Read more here.

Read More

Eric LeCompte Speaks to Sahara Reporters on Nigerian Economy

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with Sahara Reporters on the economy of Nigeria. Read excerpt below and follow link to full article.

IMF: Nigeria To Witness Sluggish Economic Growth In 2019

Eric LeCompte, a financial expert and executive director of Jubilee USA said: “We are seeing growing debt crises in many developing economies, at the same time, we see risky and speculative behaviour on the raise.

“We know that risky behaviour and unsustainable debt is a recipe for financial crises.”

Read more here.

Read More

Dark Clouds Gather on Horizon for Financial System, Warns International Monetary Fund

Bali, Indonesia -The International Monetary Fund releases its "Global Financial Stability Report" ahead of its Annual Meetings held this year in Southeast Asia. The report finds that short-term risks to financial stability rose in the last 6 months. 

"The IMF is saying our economy is stable now, but there are some serious risks to stability on the horizon," noted Eric LeCompte who tracks IMF reports as the Executive Director of the religious development coalition Jubilee USA. "The IMF is also saying that inequality is on the rise and the global economic recovery is still not shared by everyone."

This is the second major IMF report this week which raises concerns of pending financial crisis. On Tuesday, the IMF released its World Economic Outlook report.

LeCompte's organization, Jubilee USA, organized a high-level event for October 12th during the Annual Meetings which focuses on financial crisis prevention and economic aid when countries experience economic shocks or natural disasters. Speakers include Finance Ministers and senior staff from the IMF, G-24 and the Vatican.

Read the 2018 IMF Global Financial Stability Report

Read the 2018 IMF World Economic Outlook Report

Read about Jubilee USA's high-level event, Withstanding the Next Storm: Resilient Economies Require Resilient Tools to Weather Financial Crisis and Natural Disaster

 

Read More

Eric LeCompte Discusses Earthquake in Haiti with America

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with America, the Jesuit Review, on the recent earthquakes in Haiti. Read excerpt below and follow link to full article.

5.9 Earthquake Rocks Northern Haiti

“The situation in Haiti is tragic,” Eric LeCompte, executive director of Jubilee USA Network, told America. “It’s the poorest country in the hemisphere and one of the poorest in the world.”

Mr. LeCompte, a finance expert, said Haiti’s ongoing struggles stem from a weak infrastructure that is vulnerable to natural disasters, like earthquakes and hurricanes. While Jubilee USA facilitated the forgiveness of Haiti’s debt after the 2010 earthquake, the country again finds itself in a financial hole. Its national debt tops $2.6 billion.

“The situation in Haiti, coupled with natural disasters, leaves the people with a sense of hopelessness,” Mr. LeCompte said. “That’s where it’s incumbent on the international community to step in. For Christians, it’s a moral issue.”

But while it seems insurmountable, Mr. LeCompte believes the international community can invest in the nation’s infrastructure, which will be less expensive to build in Haiti. The ongoing problems with corruption, however, will require greater accountability and transparency, he said.

Read more here

 

Read More

Eric LeCompte Speaks with Leadership on Nigeria

Eric LeCompte, Executive Director of Jubilee USA, was recently quoted in Leadership speaking on the International Monetary Fund's projections for Nigeria and the world economy. Read excerpt below and follow link to full article.

Poor Growth In Nigeria, South Africa Affecting African Economy – IMF

“We are concerned about the downturn in economic growth,” noted Jubilee USA Executive Director Eric LeCompte. As a finance expert, LeCompte has tracked IMF meetings for nearly 10 years and is attending the meetings in Bali. “The report reminds us that inequality remains a serious problem and we still are not safe from financial crisis.”

Since April, the IMF warned that not enough has been done to prevent future financial crisis. LeCompte’s organization, Jubilee USA organized a major event about preventing financial crisis during the Annual Meetings scheduled for October 12th in Bali. An African Finance Minister and senior staff from the IMF, the Vatican and the G-24 will discuss debt relief, disaster aid and crisis prevention.

“We are seeing a growing debt crisis in many developing economies,” stated LeCompte who serves on United Nation expert groups that focus on economic issues. “At the same time, we see risky and speculative behavior on the rise. We know that risky behavior and unsustainable debt is a recipe for financial crisis.” 

Read more here

Read More

Eric LeCompte Discusses Nigerian Economic Downturn with The Nation

Eric LeCompte, Executive Director of Jubilee USA, was recently quoted in The Nation speaking on the International Monetary Fund's projections for Nigeria and the world economy. Read excerpt below and follow link to full article.

Nigeria’s growth not enough to create jobs, says IMF

“We are concerned about the downturn in economic growth,” noted Jubilee USA Executive Director Eric LeCompte. As a finance expert, LeCompte has tracked IMF meetings for nearly 10 years and is attending the meetings in Bali. “The report reminds us that inequality remains a serious problem and we still are not safe from financial crisis” he warned.

“We are seeing a growing debt crisis in many developing economies,” stated LeCompte who also serves on United Nation expert groups that focuses on economic issues. “At the same time, we see risky and speculative behavior on the rise. We know that risky behavior and unsustainable debt is a recipe for financial crisis.”

Read more here

Read More

Eric LeCompte Speaks to Nearshore Americas on Argentina

Eric LeCompte, Executive Director of Jubilee USA, recently spoke with Nearshore Americas about Argentina. Read excerpt below and follow link to full article.

IMF Agrees to Increase Argentina’s Bailout Fund

“Argentina has had a difficult history with the IMF, austerity and predatory vulture hedge funds. We don’t want history to repeat itself,” stated Eric LeCompte, Executive Director of the religious development group Jubilee USA, in a press release.

Read more here.

Read More