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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.

Eric LeCompte, Executive Director of Jubilee USA Network, was recently interviewed by Catholic Financial Life, discussing the 2025 Jubilee Year: its origins, spiritual significance, and how forgiveness can transform real lives. 

Watch here.

Eric LeCompte, Executive Director of Jubilee USA, was recently quoted in an article covering the Vatican’s June 20th launch of the Jubilee Commission Report on debt and development. Read an excerpt below or the full article here.

Eric LeCompte, Executive Director of Jubilee USA, was recently quoted in a radio-recording explaining the Jubilee Commission Report.  Listen here (3:02-5:20) or read a transcript below.

Eric LeCompte, Executive Director of Jubilee USA was recently quoted, speaking on the Jubilee Commission Report launch, which took place at the Vatican on June 20th. Read an excerpt below or the full article here. 

Finance experts launch report at Vatican on foreign debt relief

By: Cindy Wooden

"The Holy Year 2025 can have a lasting impact on the world's poorest countries if governments and international institutions embrace a key element of the biblical concept of jubilee by forgiving, restructuring or pausing foreign debt repayments, said a report commissioned by Pope Francis

At the late pope's request, the Pontifical Academy of Social Sciences and the Initiative for Policy Dialogue at Columbia University in New York brought together 30 global experts in debt, development and the global financial system to address the current debt crisis, prevent future crises and promote sustainable development.

The "Jubilee Commission," which began meeting in February, released "A Blueprint for Tackling the Debt and Development Crises and Securing a Sustainable People-Centered Global Economy" June 20 at the Vatican.

"Today, 3.3 billion people live in countries that spend more on interest payments than on health, and 2.1 billion live in countries that spend more on interest payments than on education," the report said. "Interest payments on public debt are therefore crowding out critical investments in health, education, infrastructure and climate resilience."

The indebted governments—"fearful of the political and economic costs of initiating debt restructurings—prioritize timely debt payments over essential development spending," the report said. "This is not a path to sustainable development. Rather, it is a roadblock to development and leads to increasing inequality and discontent."

Eric LeCompte, executive director of Jubilee USA Network, an interfaith group promoting debt relief and development, was not a member of the commission, but supported its work and was at the Vatican for the launch of the report.

Changing the way loans to developing nations are made, structured and restructured when a crisis occurs is essential because economic crises "are the main causes for war, for human rights violations, for migrations, for many of the environmental challenges that we are having," he told Catholic News Service June 19.

Many people will say, "A debt that is owed is a debt that should be paid," LeCompte said, "but I think it's more complicated than that.""

Over 30 Leading Experts Author Proposals for Placing People at the Center of Debt Decisions and Economic Policies

New York Assembly Possible Passage Kicked to Next Year

Washington DC – New York-based country representatives of the United Nations approved the outcome text of a global conference on finance and development to take place in Sevilla, Spain. The “Compromiso de Sevilla,” (“Sevilla Commitment") now heads for formal adoption at the Fourth International Conference on Financing for Development (FFD) between June 30 through July 3rd.

The document, covering finance issues ranging from debt to development aid, estimates that the financing gap to meet development goals amounts to $4 trillion annually.

“This is a big moment for the international community to decide if it will mobilize the funding needed for development,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. LeCompte serves on United Nations debt expert groups. “The priority must be to protect the most vulnerable and address poverty while not increasing debt burdens.”

At plenary presentations, roundtable dialogues and side events in Sevilla, governments and other stakeholders will unveil initiatives to complement and build upon the conference outcome document. Spain, the host country, shared that its call for such initiatives to feature in the “Sevilla Platform for Action” attracted more than 240 proposals.

“The text is only one part of the package in a conference like this,” added LeCompte. “We still have time to make the outcomes of the conference more ambitious."

The United States, which played leading roles and attended the previous three FFD conferences in Monterrey (2002), Doha (2008) and Addis Ababa (2015) did not endorse the text and announced it will not attend the Sevilla gathering. 

Religious Groups Gather at G7 to Press Debt Relief and Economic Policy Decisions to Protect the Vulnerable 

Faith Leaders Vow to Attend Future G7, G20, IMF and UN Meetings Until Jubilee Holy Year Debt Relief Goals Are Met