Partners,

This week we are delivering hundreds of thousands of your petitions from 160 countries to the IMF and World Bank during their annual meetings in Washington DC.

Following the lead of our Jewish members, partners and founders - we will blow the Shofar in front of the IMF and World Bank tomorrow in an inter-religious celebration. The root word of Jubilee is Yovel, the Hebrew word for the sound of the Shofar - the ram's horn used to announce a new year. Starting at the G7 in Canada this past June, several of our rabbis began this tradition of blowing the Shofar and marking the next 5 years of our campaigns with 200 organizations.

Sign up your family, organization, congregation, faith community or group to hold a Jubilee event and blow a horn, a bugle or a shofar at a Jubilee event before the end of the year.

This is an opportunity to gather petitions and educate on the next 5 years of our efforts. You can use this background flyer on how to hold an event this year, before the end of the Jubilee Year on January 6th, 2026. When you sign-up we will send you prayers and action resources. Our next global petition delivery will be at the South Africa G20 Summit at the end of November.

As we gather this week in Washington DC, all over the world partners are celebrating Jubilee week, October 12th - 19th, with creative actions to move world leaders on debt relief, economic aid and changes to the financial system to protect the poor. Ahead of the IMF, World Bank and G20 meetings - Pope Leo - issued his first official teaching encouraging world leaders to make economic decisions that lift and protect the poor.

Sign up now to organize a gathering of sound and signing petitions between now and January 6th, 2026 - announcing 5 years of Jubilee campaigns in 160 countries.

Blessings,

Washington DC – The IMF releases the Global Financial Stability Report and flags growing vulnerabilities under global financial markets that “appear calm.” 

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:

"The IMF is alluding to a bubble in financial markets.

"A lesson from financial history is consistent. When bubbles burst, the poorest pay the highest price.

"More developing countries are issuing debt in domestic markets, which could make their banking sectors more vulnerable.

"The report warns of the risks that stablecoins can bring, especially for emerging markets.

"The report recommends improving oversight of pension funds, insurance companies and investment funds whose risks cannot be separated from the banking system that the average person uses."

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 Pope Leo's first official teaching document “Dilexi Te” here.

Washington DC – As world leaders arrive in Washington, DC for IMF and World Bank Annual Meetings, the IMF releases its flagship World Economic Outlook report, where it forecasts an economic slowdown over the next two years and pegs global growth at 3.2%.

Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitors IMF meetings since 2010, releases the following statement on the IMF Meetings and World Economic Outlook Report:

"Uncertainty is the key word to describe the forecasts we are receiving this week on the economy, jobs and growth.

"In spite of a small improvement compared to April projections, the IMF projects in two years we will still not reach growth levels we had from before the pandemic.

"The IMF sees higher inflation than their forecasts of a year ago.  

"The IMF is concerned with high debt levels and recommends that struggling countries should have access to timely, predictable and cheaper debt restructuring.

"The IMF underscores that in the poorest countries, which have not overcome the economic effects of the pandemic, a combination of high debt and aid cuts may fuel more social unrest."

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 Pope Leo's first official teaching document “Dilexi Te” here.

DebtCon8 Plenary 5: Debt, Justice, and (Geo) Politics

October 13, 2025 | 4:30 - 6:00 pm ET

Chair: Eric LeCompte
Executive Director, Jubilee USA Network

Peter Rosendorff
Professor of Politics, New York University

Felipe Ford Cole
Assistant Professor of Law, Boston College Law School

Mmakamma Amalachukwu Ekeruche
Senior Research Fellow, Centre for the Study of the Economies of Africa 

Thilina Kalhara Panduwawala
Economist, Consultant

Kangle Zhang
Assistant Professor, Peking University Law School 

Prior registration required. You can register here: https://web.cvent.com/event/005168b8-7914-43da-9705-08515fe60d29/summary

Proclaim Jubilee

October 15, 2025 | 12:00 - 1:00 pm ET

Prayer leaders:
Susan Gunn
Director, Maryknoll Office for Global Concerns

Rabbi Fred Scherlinder Dobb

Alfonso Apicella
Senior Office for Global Advocacy Campaigns, Caritas Internationalis

Location: Community Park, 19th St & Penn Ave & H St NW, Washington DC 20431

Facebook livestream available: https://www.facebook.com/jubileeusa

DebtCon8 Plenary 10 Roundtable: Strengthening the Role of Parliaments in Public Debt Accountability

October 15, 2025 | 12:30 - 1:30 pm ET

Chair: Corina Rebegea
Non-Resident Fellow, Accountability Lab

The Honorable Marlene Malahoo Forte
Former Minister of Legal and Constitutional Affairs Jamaica

Franklin de Vrieze
Head of Practice (Accountability), Westminster Foundation for Democracy

Yanne Horas
Associate, International Institute for Sustainable Development

Elena Mondo
Senior Technical Advisor, International Budget Partnership

Damon Silvers
Special Counsel and Senior Adviser, Jubilee USA Network
Visiting Professor of Practice in Labour Markets, University College London 

Prior registration required. You can register here: https://web.cvent.com/event/005168b8-7914-43da-9705-08515fe60d29/summary

A Jubilee 2025 Call for a Fair Debt Architecture: Bridging Ethics and Policy

October 16, 2025 | 2:00 - 3:30 pm ET

Moderator: Vera Songwe
Member of the Jubilee Commission and Chair and Founder, Liquidity and Sustainability Facility; Former Senior Advisor, Bank of International Settlements; Non-Resident Senior Fellow, Global Economy and Development, Brookings

Martín Guzmán
Former Minister of Economy, Argentina, Professor at Columbia University and Coordinator of the Jubilee Commission Report

Monsignor Juan Antonio Cruz Serrano
Permanent Representative of the Holy See to the Organization of American States

Amir Manghali
Regional Programs Coordinator for East Africa, Islamic Relief Worldwide

Mark Flanagan 
Deputy Director, Strategy, Policy, and Review Department, IMF

Rev. Jackline Makena Mutuma
Pastor, Methodist Church in Kenya

Rev. Dr Kenneth Mtata
Programme Director for Life, Justice and Peace Unit, World Council of Churches

Manuela Francisco
Global Director for Economic Policy, Prosperity Vice-Presidency, The World Bank

Marking the 2025 Jubilee Year, a Vatican-backed commission urges bold reforms to address debt and development crises. This event explores recommendations that reimagine the role of the Bretton Woods Institutions - pertaining to debt relief, bailout packages, and pro-cyclical and austerity policies to advance fairer, more functional global debt governance.

Sponsors: Jubilee USA Network, All Africa Conference of Churches, Caritas Internationalis, Catholic Agency for Overseas Development (CAFOD), Catholic Relief Services, Institute for Policy Dialogue, Suramericana Vision, Islamic Relief Worldwide, Maryknoll Office for Global Concerns, World Council of Churches

Location: HQ2-03B-768B 

Registration to the World Bank/IMF Annual Meetings will be required to access the premises. No registration is needed to access the Zoom livestream, available at: https://imf.zoom.us/j/97734379385?pwd=fWNbX1b4NZx87zR56KsKg9Md4SagTc.1

Scrutinizing the IMF Role on Debt Issues

October 17, 2025 | 3:30 - 5:00 pm ET 

Moderator: Kjetil Abildsnes
Senior Policy Office, Eurodad

Marina Zucker-Marques
Senior Academic Researcher Boston University 

Shereen Talat
Director, MENAFem

Mahinour ElBadrawi
Global Partnerships Lead, CESR 

Allison Holland
Assistant Director and Division Chief of the Debt Policy Division, IMF

The IMF plays a decisive role in debt crises. Its advice, conditionalities, and debt sustainability analyses shape countries’ prospects for recovery. Through policies like lending into arrears, it influences restructurings. The event discusses civil society perspectives on its influence in the negotiations and on the human rights, gender and climate aspects of debt resolution.

Sponsors: Eurodad, Latindadd, MENA FEM, SEATINI Uganda, Jubilee USA Network, AFRODAD, APMDD, Recourse, CESR, (DRGR) Project, Debt Justice UK,  Oxfam, BWP, Debt Justice Norway 

Location: HQ2-03B-768B 

Registration to the World Bank/IMF Annual Meetings will be required to access the premises. No registration is needed to access the Zoom livestream, available at: https://imf.zoom.us/j/94517303447?pwd=CTxHakVbRzOHqsPtjMFb7xjFgCZYr7.1

The Apostolic Exhortation Draws Upon 2000 Years of Religious Teachings to Press the Plight of the Poor

Next Week World Leaders Gather for Annual IMF, World Bank and G20 Meetings

Eric LeCompte, Executive Director of Jubilee USA, was recently featured in Presbyterian News Service speaking on the Jubilee Year. Read an excerpt below or full article here.

Presbyterian Advocacy Hour Focuses on Season of Creation and Debt Relief for Developing Countries

Online Program Highlights Need to Protect the Environment and Make Global Financial Reforms

By: Darla Carter 

”The second speaker was LeCompte, who highlighted Jubilee 2025 campaigns calling for debt justice and financial reforms for communities burdened by unsustainable debt.

LeCompte stressed the importance of faith-based support and urged Presbyterians to go to the network’s website to find the Jubilee 2025 petition, which individuals and organizations can sign to join the call for debt forgiveness for struggling communities.

“It's a vital time right now to be contacting members of Congress to say support global debt relief accountability legislation and accountability mechanisms for the IMF,” said LeCompte, referring to the International Monetary Fund. “We'd encourage people to go to our website, Jubilee usa.org, and there you'll find a petition that over 200 faith-based organizations are moving around the world.”

LeCompte explained that the debt crisis is intertwined with issues related to climate change and to countries’ ability to provide for social services.

He noted that “when a country is in crisis, they're going to exploit whatever resources they have,” and “when we take gas, oil and coal out of the ground" and massive deforestation occurs, "it has a cyclical impact, so not only are those countries being exploited for these resources, it's also driving up the challenges of climate change as well as taking away one of our most precious resources, which are older trees and older plants, which can absorb CO2 emissions.”

He also provided historical perspective, noting that “the vast amount of industrialization and growth in the north that took place, starting in the 1800s by stealing resources from developing countries in the south, consuming them for the past several 100 years in the north, not only spurred climate change, but also created a greater debt for the south,” and “countries were unprepared to deal with climate mitigation and adaptation.”

Turning to a different question, LeCompte  expressed concerns about funding cuts, such as those involving the United States Agency for International Development, that he said are negatively affecting health care and other services.

“That health crisis not only will impact economies, but it will also create additional expenses for countries to be able to overcome,” he said.

Furthermore, “we've seen pretty much every major religious body that we work with be impacted from those kinds of cuts” if they relied on such funding to provide services abroad. “The cuts make the crises more extreme.’”

Eric LeCompte, Jubilee USA Network's Executive Director, was recently featured in US Catholic, discussing Jubilee's scriptural roots, the impact of Jubilee 2000 and the US role in global debt relief. Read an excerpt below or the full article here.

What does the Jubilee have to do with debt justice?

During the Jubilee Year of Hope, activists across the globe are reviving an ancient vision of debt forgiveness.

By: Cassidy Klein

"Today, 3.3 billion people live in countries that spend more servicing their debts than on health care, education, and other social services combined. “Debt relief is one of the most accountable forms of aid,” LeCompte says. Since the COVID-19 pandemic, LeCompte says, the debt crisis is becoming worse in developing countries. “[During the pandemic], we saw hundreds of millions of people, mostly women and children, get pushed into poverty,” he says.

After the 2008 financial crisis, private creditors such as BlackRock began frequently lending to countries in the global South. The IMF and World Bank are multilaterals, meaning they have some level of transparency around lending, but private creditors do not. About half of these private creditors are regulated by the state of New York, and the other half are regulated by the United Kingdom. “The UK and the state of New York are uniquely responsible for the rules around which private creditors lend to whole countries,” Dettloff says.

Today, more than 50 percent of external debt in many developing countries is held by private creditors, private firms, and corporations, “including some very challenging groups, the so-called vulture funds or predatory hedge funds,” LeCompte says. The United States also has a significant role among multilateral lenders such as the IMF. The United States is the largest shareholder in the IMF—which Jubilee USA considers the most powerful institution after the White House, LeCompte says—so it gets the most votes and makes a lot of decisions around debt and the international financial system.

Jubilee USA is involved in campaigning and working on policies around debt cancelation, including legislation in New York. This year, Debt for Climate has held rallies at the IMF and World Bank, as well as at private vendors such as BlackRock in New York, bringing the words and stories from people in the global South to these centers of power."

--

Eric LeCompte, Executive Director of Jubilee USA, was recently quoted in Reuters discussing the United States' involvement in the G20, specifically about calls from U.S. officials for G20 to "focus on their core missions of financial stability and development instead of climate finance and gender issues." Read an excerpt below or the full article here.

US eyes 'back to basics' revamp of G20 when it assumes presidency next year.

By: Andrea Shalal

"Dutch Finance Minister Eelco Heinen told Reuters on the sidelines of the G20 meeting in Durban that collaboration under the G20 was more important than ever.

'But I do understand the agenda of the United States administration to keep it more lean and mean,' he said.

Activists and developing countries say they will watch U.S. actions, but that paring back could help the G20 survive.

'Our hope is that development continues to be linked,' said Eric LeCompte, executive director of the non-profit Jubilee USA Network. 'Financial stability, debt issues and economic issues cannot be separated from development and global growth.'"

Washington, DC – July 17 and 18 South Africa hosts G20 finance ministers for talks on the global economy, debt, financial stability and infrastructure and development bank loans. Last month, the World Bank forecast the lowest growth rate, outside recessions, since 2008.

"Low economic growth means developing countries will do less to address poverty and recovering from pandemic losses is further out of reach," said Eric LeCompte, the Executive Director of Jubilee USA Network, which focuses on G20 policies. “As debt payments are prioritized by countries, we'll see deeper cuts to education, healthcare and social services."

South Africa called for “bold and urgent action on a comprehensive plan to deal with high levels of debt in Africa and other developing countries" and appointed a panel of experts chaired by its former Finance Minister Trevor Manuel to make recommendations. A separate United Nations panel Manuel co-chairs found 26 countries faced ongoing debt crises since 2018, but only four of them sought a debt reduction. The UN panel questions whether existing debt restructuring processes are effective.

The South Africa-hosted G20 coincides with the Jubilee Year when interreligious institutions are calling for debt relief and changes to the economy to address poverty.

“As the first African country to chair the G20, South Africa wants solutions to the debt problems that plague the region,” shared LeCompte. 

At previous meetings, G20 finance ministers did not reach consensus on a communique, but Bloomberg reported that government officials sound confident that finance ministers will release a statement at this meeting.

Learn about the Jubilee Year of 2025 here.

Aldo Caliari, Jubilee USA Network's Senior Director of Policy and Strategy, was recently featured in an opinion piece in Mexico's La Jornada, discussing the UN Financing for Development Conference that took place in Seville, Spain earlier this month. Read the full article here.