Eric LeCompte Quoted in Bloomberg on the Sovereign Debt Stability Act

Bloomberg quotes Eric LeCompte on the Sovereign Debt Stability Act (S5542/A2970) and the necessity for this merged legislation. Read an excerpt below or the full article here.

New York Politicians Renew Push to Solve Sovereign Debt Crises

By Zijia Song and Nicolle Yapur

“The merged legislation is critical as it gives countries options to get out of debt crisis and restructure debts back to profitability for investors,” said Eric LeCompte, executive director at Jubilee USA Network, a nonprofit group that advocates for debt relief for smaller economies.

On Wall Street, though, the amended bill stands to cause further angst. Major investors including Pacific Investment Management Co. and Fidelity Investments last year pushed back against similar efforts, warning that new rules could result in higher borrowing costs for emerging-market governments — and potentially cripple the sovereign bond market.

Such “top-down, unilateral” solutions to sovereign debt restructuring often stoke uncertainty in markets, resulting in high borrowing costs for vulnerable economies, said Sonja Gibbs, managing director and head of sustainable finance at the Institute of International Finance.


Read more here.

Read More

SECAM Statement to the 56th Conference of African Ministers of Finance, Planning and Economic Development

The Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) issued a statement calling for effective debt relief, a significant increase in the flow of resources for development and strengthened governance frameworks as the 56th Conference of African Ministers Meetings commence in Victoria Falls, Zimbabwe. 

Read the statement here.

Read the press release on the statement here.

Read More

Brazil Chairs G20 and Vows to Address Poverty, Hunger and Climate Change as Finance Ministers Gather in São Paulo

The Brazilian Presidency of the G20 hosts finance ministers for their first G20 meeting this year. Brazil’s vow to make the reduction of poverty and hunger priorities this year takes place amidst the world’s worst growth projections in the last three decades, spreading armed conflicts and rising debt payments.

“Debt payments in developing countries are equal to what many of these countries spend on health, education, social programs and climate issues combined” said Eric LeCompte, Executive Director of Jubilee USA Network. “Giving developing countries effective tools to cut their debt is essential for progress on any of the priorities the G20 sets for this year.”

The World Bank forecasts that debt payments will rise 10% in 2023-2024 compared to the previous two years. A G20 debt reduction initiative began in 2020, the Common Framework, has only attracted four applicants, three of which remain stuck without an exit to their debt crises.

Brazil continues the G20 efforts to increase the capacity and to reform development banks.

“The G20 needs to track how development banks meet new challenges and growing demands,” noted LeCompte.

Brazil also announced plans to advance the group’s cooperation on halting climate change and aligning financial actions with the objectives of the Paris Climate Agreement.

“The G20 can build consensus on meeting the climate funding goals that the UN climate conference needs to finalize by the end of this year," shared LeCompte.

This year’s UN climate conference, COP29, is the deadline for agreeing on a new climate finance goal starting in 2025. G20 leaders agreed last year that $100 billion a year is the floor for any new climate finance commitments.

“We worry that too many of the increased climate resources may come in the form of loans that add to high debt burdens.”

In last year's October G20 gathering the group avoided commenting on the conflict in Israel and Gaza.

"There are strong tensions among G20 leaders around the conflicts and humanitarian crises taking place in Ukraine and Gaza and Israel."

Read More

Reuters and Yahoo Finance Quote Eric LeCompte on the Developing Country Debt Crisis

Reuters and Yahoo News quote Eric LeCompte on the Global Sovereign Debt Roundtable. Read an excerpt below, or the full article here.

Focus on timelines, predictability at next sovereign debt roundtable, IMF chief says

By Andrea Shalal

Eric LeCompte, executive director of the Jubilee USA Network, a coalition of religious, development and advocacy groups, said the roundtable needed to deal with key issues such as the failure of private creditors to negotiate debt deals with countries.

"We remain concerned that we are still not solving the debt crises. The slower we see progress, the more difficult it will be to resolve these crises," he said. "The roundtable must urgently define comparable treatment so the public sector stops bailing out the private sector."

Georgieva said she was encouraged that some countries tapping capital markets were finding better conditions, citing the examples of Ivory Coast and Benin.

Read more here
Read More

IMF Says Historic Low Growth and Sluggish Economy Will Continue

Debt and War Present Major Global Economic Challenges According to IMF

The IMF forecast 3.1% global growth in 2024, a fifth of a point increase on its October projection. According to the IMF, the new forecast is still below the 3.8% growth average during the two pre-pandemic decades. The report noted risks to trade routes as a result of war and that the Israel and Gaza conflict spreads and sends food and fuel costs to new highs.

“Most countries are facing economic challenges while their debt payments are too high,” said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. "When countries need resources and interest rates on loans are high, we have a recipe for more crises."

Developing countries spend 13% of their budgets repaying debt, more than double the figure 15 years ago, and debt problems prevent necessary investments, according to the IMF. High rates moved by major central banks, in attempts to contain inflation, fuel a higher cost of borrowing for these countries.

“While developing countries are still dealing with challenges from the pandemic, slow growth and high debts are bad news,” added LeCompte. “Developing countries need debt relief and more resources to confront continuing economic shocks."

Earlier this month, the World Bank found that 40% of the low-income countries are poorer than before the pandemic. Developing country debt payments were at the highest level ever in 2022 and expected to continue to grow.

Read the IMF's World Economic Outlook Update here.

Read More

US News Quotes Eric LeCompte on Economic Challenges Faced by Developing Countries

U.S. News & World Report quotes Eric LeCompte on the economic challenges faced by developing countries due to the pandemic and high debt. Read an excerpt below, or the full article here

Resilient U.S. Boosts IMF Forecast for Global Economic Growth

By Tim Smart

Eric LeCompte, executive director of the religious development organization Jubilee USA Network, also noted that many countries still face the twin concerns of dealing with the aftermath of the pandemic and crushing debt burdens.

“Most countries are facing economic challenges while their debt payments are too high,” he said "When countries need resources and interest rates on loans are high, we have a recipe for more crises."

LeCompte also stated that developing countries spend 13% of their budgets repaying debt, more than double the figure 15 years ago.

“While developing countries are still dealing with challenges from the pandemic, slow growth and high debts are bad news,” LeCompte added. “Developing countries need debt relief and more resources to confront continuing economic shocks."



Read more here

Read More

Eric LeCompte Comments on Davos 2024 in America Magazine

America Magazine quotes Eric LeCompte on the current global economic system's inability to eradicate poverty. Read an excerpt below, or the full article here

The Weekly Dispatch: Wisdom from Pope Francis for the billionaires meeting in Davos

By Kevin Clarke

Eric LeCompte is the executive director of Jubilee USA Network, a coalition of religious, development and advocacy groups focused on debt relief for the world’s poorest economies. He believes “from a Catholic point of view,” there is good reason to look askance at some of the “false promises” coming out of Davos, including “the idea that artificial intelligence, better technology and the economic system as it is can deal with global poverty, deal with inequality, create the jobs we need as well as protecting our planet.”

“These are messages that the church has been skeptical about,” he says, “knowing that throughout human history, unless we have an ethical economy, no matter what technology we have or what new systems or new businesses we have, we’re not going to create the world that is…promised, where we all have enough.”

Davos is an experience, Mr. LeCompte says, where important ideas are discussed, business relationships secured and deals made, but in the end not much is practically achieved in terms of addressing global poverty and inequity. Its relevance has been even more diminished, he believes, since the arrival of tech giants on the Davos scene, who use the conference to showcase their digital wares and vision. To many it is merely “the best party in Europe.”



Read more here.

Read More

2023 Jubilee Report: Historic NY Leg, Puerto Rico, Billions Won, Gains and Challenges


Our 2023 Jubilee report is out. Through pictures and words our year-end report details our work over the last year from New York to Africa to Puerto Rico.

Please read and share our 2023 end-of-year report that details how our Jubilee efforts are saving lives and livelihoods and protecting our planet. 

We won billions in aid this year for developing countries. Our Executive Director Eric LeCompte addressed 46 presidents and primeministers of these countries on how to move their populations from poverty to prosperity.

We changed global policies on debt and development. We appeared in tens of thousands of news outlets. 

Read and share our Jubilee USA Network 2023 end-of-year report. 

We look forward to continuing our productive efforts, together, in the new year.


Aldo Caliari
Senior Director of Policy and Campaigns
Jubilee USA Network
[email protected]

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

Read More

Climate Summit Agrees to Reduce Use of Fossil Fuels and Commits More Resources to Fight Climate Change

Pope Francis and Africa Catholic Bishops Call for Debt Relief to Fight Climate Change Impact on Developing Countries

Nearly 200 countries agreed to cut the use of all fossil fuels during COP28, the UN climate change conference that concluded in Dubai. According to the UN, the world is facing catastrophic temperature changes unless countries take more dramatic action to reduce their reliance on fossil fuels. 

 “While we saw important commitments in Dubai, we are not taking action quickly enough to address climate change," said Eric LeCompte who serves on United Nations expert groups and is the Executive Director of the religious development organization Jubilee USA Network. "Developing countries urgently need more resources as they wrestle with some of the worst impacts of climate change."

Developing countries need to spend $2.4 trillion on climate challenges and another $3 trillion on other development priorities, noted a group of experts commissioned by previous COP presidents. 

"The Dubai agreement noted that countries need more aid, relief and cheap loans to avoid increasing debt," stated LeCompte.

In 2023, spending on debt service will be 12.5 times higher than spending on climate adaptation, according to a brief Jubilee USA Network and other organizations launched in November.

Africa's Catholic Bishops said that while Africa is historically not responsible for global warming, the region suffers the highest vulnerability to it. The statement by the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) called for removing the obstacle of debt and scaling up aid to the region in the lead up to the new Jubilee 2025 year. In Pope Francis' address to COP28, delivered by Vatican Secretary of State Cardinal Parolin, Francis called for solutions that do not penalize “the development of many countries, already burdened by grave economic debt,” and called for “remitting” such debts.

"We will not raise the money we need to address climate challenges without debt relief," shared LeCompte.

During the conference the World Bank announced its loans to vulnerable countries will include clauses that pause debt payments temporarily when the debtor suffers a climate-related disaster.  

“Debt payment pause clauses in loan contracts are essential to more fairly share climate change burdens and impacts of disaster between creditors and debtors,” added LeCompte. “We need these types of clauses in all loan contracts.”  

The conference launched a fund to compensate countries for climate-related losses, attracting initial donor pledges totaling $800 million.

“Droughts, storms, floods, poorer harvests and rising health problems are among the many climate effects hurting developing countries,” expressed LeCompte. “While we have critical commitments to raise resources to combat climate change, we will need more."

Read More

COP28 Climate Summit Negotiations Focus on Commitments for Developing Countries to Adapt and Solve Climate Crisis

Most Developing Countries Spend More on Debt Service than on Addressing Country Climate Crisis Challenges

Dubai prepares to host nearly 170 prime ministers and presidents as part of COP28, this year’s United Nations conference to reach agreements on measures to stop climate change. High on the agenda are negotiations on climate aid for developing countries to address growing challenges from the climate crisis including greater natural disasters, rising sea levels and forest destruction.

"Wealthy countries pledged to provide some resources for developing countries to address the growing climate crises that are impacting their people," said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. "The commitments weren't enough and what was committed hasn't materialized. The climate summit needs to find out where the money is coming from and how to increase resources to address the climate crisis."

Delegates seek to finalize details on a fund to compensate developing countries for climate-related damage that last year’s climate conference agreed on. A 24-country committee tasked with developing details on contributions and operational aspects of the fund, released its proposal earlier this month.

“The Dubai negotiations need to finalize the funding and structure of the loss and damage climate fund so vulnerable countries get some relief soon,” added LeCompte. "Ninety percent of developing countries pay more on debt service than on climate spending. Debt relief and new sources of aid will need to be on the table if we are to raise the resources we need."

A range of governments, experts and civil society organizations are pushing climate summit negotiators to agree on a number of ways for countries to raise resources, including debt relief. Proposals and decisions include addressing which countries need debt relief, climate clauses in debt contracts, controlling interest rates and cheap loans.

According to the OECD, the pledge wealthy countries made in 2009 to transfer $100 billion in annual climate finance to developing countries, remains unfulfilled. The Dubai gathering assesses progress as well as to continue negotiations towards a new climate goal starting in 2025.

“With what we know about climate today and the impacts on our health and planet, the new climate finance goal should be much larger than 2009,” shared LeCompte. "In addition to the climate crisis, countries are wrestling with food and fuel crises, poverty, poor economic growth and shocks from the pandemic."

G20 leaders meeting in New Delhi in September agreed that $100 billion a year is the floor for any new climate finance commitments.

“During the summit, it will be crucial to watch the G20 and the IMF as they are key for setting climate goals and moving forward the resources we need,” said LeCompte.
Read More

Confront Crisis, Spread Jubilee on Giving Tuesday

Dear Friend,

Today, #GivingTuesday, falls during multiple global crises that can often feel like too much to comprehend. Because of you, Jubilee USA won hundreds of billions of aid to confront the pandemic and debt, food, disaster and climate crises. World leaders are considering our proposals to prevent future crises. These solutions are needed to help every day households in the US, Puerto Rico and the entire world.

Please donate to Jubilee USA Network to support our mission and efforts to address global crises and the structures that create poverty, inequality and harm to our planet. Your tax-deductible gift is matched and doubled now.

Over the past year, your generosity meant:

  • The New York Taxpayer and International Debt Crises Protection Act, with bipartisan support, was the first global debt relief legislation to move out of committee in the New York State legislature in 20 years

  • From the US and other wealthy countries, we won pledges of $87 billion in Special Drawing Rights to support developing countries

  • The G20 approved proposals that increase development bank loans, aid and grants by $15 billion a year, and we are moving them to provide hundreds of billions more

  • As 60% of Puerto Rico's children live in poverty, we convened the leaders of the largest Puerto Rico and US religious groups to sign a letter to Congress calling for Puerto Rico to receive the same level of nutritional assistance (food stamps) that US States receive

  • We organized and supported a New York, national and global coalition of over 60 groups, comprising the largest unions, major religious institutions, development groups, notable economists, finance ministers, powerful environmental organizations, our global partners and high-level United Nations officials

  • In partnership with Africa's interfaith religious leaders and biggest religious institutions, we are advocating for debt relief, new economic policies and effective use of aid resources for pandemic response, the climate crisis and recovery in Africa

  • We convened some of the world's most notable experts for a process to improve debt relief assessments and align them with labor, human development and climate goals

  • The US and other wealthy countries committed to a minimum of $100 billion in climate finance after 2025, and a new fund to compensate countries most vulnerable to climate change

  • We addressed world leaders at some of the largest global decision-making forums at the United Nations, World Bank and International Monetary Fund

  • Hundreds of thousands of newspapers and television and radio shows covered our Jubilee USA efforts

Please join me and make a tax-deductible gift this #GivingTuesday, so Jubilee USA can continue to create and advocate for solutions that save lives, our planet, and prevent future crisis. Donations are doubled now.

In solidarity,

Eric LeCompte
Executive Director

Twitter: @Eric_LeCompte

Read More