Vatican City – On Christmas Eve and Christmas day, Pope Francis begins the Jubilee 2025 Year and opens 5 Jubilee Doors. In June with a special address and recently for the World Day of Peace message, Francis laid out the themes for the Jubilee Year as debt cancellation for developing countries and reforms to the international financial system, including a new international bankruptcy process for countries.
“Most countries are dealing with debt and financial crises,” noted Eric LeCompte the Executive Director of Jubilee USA Network, a United Nations finance expert and an advisor to the Vatican and Catholic Bishops on debt and economic issues. “Pope Francis is calling for global debt relief and changes to the international financial system to protect the poor and our planet.”
This month, the World Bank reported that developing country debt payments reached almost $1 trillion, double the amount they were a decade ago.
Around the world, faith leaders and religious organizations of multiple denominations, together with development groups, plan to lift debt relief as the primary campaign objective in more than 160 countries.
“Historically, debt relief has been the most successful campaign of the Church,” shared LeCompte. "Debt relief and new processes to address poverty are essential for moving forward an economy that serves everyone."
In Church documents and speeches leading up to the beginning of the Jubilee year, Pope Francis consistently appealed to forgive unpayable debts and create rules for addressing debt crises.
Available for interview: Eric LeCompte, Executive Director
Contact: Salma Alokozai, Communications and Outreach Director
[email protected] / (202) 503-4372
Resources:
Eric LeCompte Quoted in Earthbeat, National Catholic Reporter on the Relationship Between Debt and the Climate Crisis
Earthbeat, National Catholic Reporter quotes Eric LeCompte on the relationship between economic crises, high debt levels and debt relief and the climate crises. Read an excerpt below, or the full article here.
Forgive nations' debts in Jubilee Year, Pope Francis urges COP29 climate summit
By Doreen Ajiambo
With financing the major focus here at the United Nations climate change conference, Cardinal Pietro Parolin delivered directly to world leaders Pope Francis' appeal that wealthy nations use the upcoming 2025 Jubilee Year to forgive debts "as a matter of justice."
Eric LeCompte, executive director of Jubilee USA, a network of religious and development groups that advocates for international debt relief, told EarthBeat in an email that economic crises and high levels of unsustainable debt have prevented many developing countries from putting resources toward climate solutions.
"We have reached a point where debt relief has to be part of the solution in dealing with the climate crisis," he said.
Read more here.
G20 Presidents and Prime Ministers Meet for Rio Summit
Hunger, Poverty, Climate, Debt and Economy on Agenda for Biden's Final G20 Meeting
Brazil hosts G20 heads of state and heads of international organizations in Rio de Janeiro for two days of talks on the global economy, starting November 18. The summit wraps up Brazil’s presidency of the group and prioritizes initiatives on global hunger and poverty, climate change, debt and the reform of financial institutions.
“Brazil is focusing on the need for the global economy to address poverty, inequality and climate issues,” said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network who is in Rio for the meetings. “The lack of G20 consensus on debt policy remains a stumbling block to reduce poverty and the impacts of climate change.”
LeCompte is in Brazil with the G20 Interfaith Forum presenting recommendations to the G20 on debt, poverty, climate, economic and human trafficking challenges.
In fifteen days, South Africa takes over the presidency of the group. It announced that developing country debt vulnerabilities and access to aid will be top priorities under its leadership.
World Leaders Wrap Up Week of Talks at G20, IMF and World Bank Annual Meetings
IMF Calls Global Economy "Underwhelming" with Low Growth and High Debts and Prices
Finance ministers from all over the world close a week of talks focused on the global economy, unsustainable country debts and climate challenges. The IMF forecast global economic growth at 3.2% annually, a decades low and what the Fund called, "underwhelming."
“We heard a lot of messages during the meetings that the economy was strong, but the weak economic growth projections haunted the meetings,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF meetings since 2010. "The forecasts for Africa and the Middle East were awful and are coupled with high youth unemployment and food crises."
The low growth and high debt is an “unforgiving combination,” said the IMF Managing Director Kristalina Georgieva in her curtain-raiser speech.
“The IMF and G20 should not treat what is happening as a short-term debt payment problem. We are experiencing the most significant global debt crisis in decades,” added LeCompte. “Our failure to act now on debt crisis solutions means more difficult and expensive debt problems in the future.”
The World Bank reports that deficits in the average low-income country doubled, becoming the main driver of high indebtedness. In the poorest of those countries, average income remains 14% below their pre-pandemic levels.
G20 Finance ministers, in their last meeting under the Brazilian Presidency, endorsed a plan to expand the funding capacity of development banks. Reforms agreed this year will increase development bank finance by $35 billion a year, about one-eighth of what experts commissioned by the group said was needed.
"Brazil's G20 Presidency set a path to reach climate and development targets," shared LeCompte. "The questions are how long will it take for the G20 to follow that path and whether the world has enough time to wait."
While the G20 managed to deliver a consensus statement, the policymaking bodies of the IMF and the World Bank did not.
"War and conflicts continue to make it difficult for world leaders to forge agreements,” commented LeCompte.
Decisions announced at the IMF meetings included increasing IMF zero-interest rate lending and the reduction of IMF interest rates on large, long-term emergency loans.
Read Jubilee USA's statement on the Development Committee meeting here.
Read Jubilee USA's statement on the IMFC meeting here.
Read Jubilee USA's statement on the G20 ministerial meeting here.
Read Jubilee USA's statement on the World Economic Outlook report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here.
Jubilee USA Statement on Development Committee and IMF/World Bank Meetings
The IMF and World Bank's Development Committee, a major policymaking body for the institutions, met in Washington, DC in the context of the IMF and World Bank Annual meetings. The Development Committee and the IMF and World Bank meetings focused on growth, debt, inflation, expanding development bank finance and aid, responses to pandemics, climate and food crises.
Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who has monitored IMF and World Bank Meetings since 2010, releases the following statement on the Annual Meetings and the Development Committee meeting:
“While reports this week noted the global economy’s resilience, incomes in the poorest countries are still 14% lower than before the pandemic.
“World Bank members are looking hard at what its role should be in supporting the investments needed to reduce poverty.
“Since many countries are mired in debt, they have limited capacity to protect their most vulnerable in the face of multiple crises.
“For the second year in a row, development bank finance is essentially going to pay debts held by private creditors.
“This year donors to the International Development Association are negotiating new pledges. The pledges so far are disappointing."
Read Jubilee USA's statement on the IMFC meeting here.
Find information on Jubilee USA's IMF/World Bank Annual Meetings events here.
Read Jubilee USA's statement on the G20 ministerial meeting here.
Read Jubilee USA's statement on the World Economic Outlook report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here.
Jubilee USA Statement on IMFC Press Briefing and IMF Meetings
The International Monetary Fund and World Bank conclude their Annual Meetings on Saturday. The International Monetary Financial Committee, the IMF policymaking body, met on Friday on the global economic situation, debt, fiscal constraints, inflation, the climate crisis, wars and other challenges.
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 IMFC Chair's statement and the IMF Meetings:
“We heard a lot of messages during the meetings that the economy was strong, but the weak economic growth projections haunted the meetings.
"Low economic growth coupled with high debt remains a recipe for crisis in developing countries.
“War and conflicts take too many human lives and prevents cooperation and decisions on global economic agreements.
“We heard a lot of messages during the meetings that the economy was strong, but the weak economic growth projections haunted the meetings.
"Low economic growth coupled with high debt remains a recipe for crisis in developing countries.
“War and conflicts take too many human lives and prevents cooperation and decisions on global economic agreements.
“There was little progress for many developing countries struggling with unpayable debts and multiple crises.
“Failure to act on debt crisis solutions now, unfortunately means more difficult and costlier debt problems in the future.
“The IMF debt sustainability methodology – that signals when a country should seek restructuring – desperately needs upgrading.
“There were positive steps in the doubling of IMF zero-interest rate lending and the reduction of the additional interest the IMF charges on large, long-term emergency loans.
“Bolder actions are needed to deal with the debt crises in low- and middle-income countries.”
Find information on Jubilee USA's IMF/World Bank Annual Meetings events here.
Read Jubilee USA's statement on the G20 ministerial meeting here.
Read Jubilee USA's statement on the World Economic Outlook report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here.
Jubilee USA Statement on G20 Finance Ministers Meeting During the IMF and World Bank Annuals
G20 finance ministers met on global economic growth, debt, hunger, poverty, climate and expanding development bank aid to face multiple crises.
Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored G20, IMF and World Bank meetings since 2010, releases the following statement on the G20 finance ministers meeting chaired by Brazil during the IMF and World Bank Meetings:
“The G20 focused on rising debt payments for developing countries.
"The G20 should not treat what is happening as a short-term debt payment problem. We are experiencing the most significant global debt crisis in decades.
"There is agreement that rising borrowing costs faced by poor countries is a big factor in recurring debt crises.
"If we don't agree on a faster and more effective debt relief process, we will experience recurring debt crises that impact economies of developed and developing countries.
"The group agreed on reforms that will increase development bank finance by $35 billion a year.
"Brazil's G20 Presidency set a path to reach climate and development targets. The question is how long will it take for the G20 to follow it and whether the world has enough time.
"An important outcome was connecting some global development reforms to track poverty reduction.
"We hoped to see more consensus on debt swap frameworks. That was low hanging fruit.
"The Brazilian G20 Presidency effectively shed light on the need for taxation of the ultra-wealthy.
"Tax measures gained broader support at the G20 this year.
"The G20 managed to make some decisions on global economic issues but war and conflict continue to make it difficult to reach consensus."
"If we don't agree on a faster and more effective debt relief process, we will experience recurring debt crises that impact economies of developed and developing countries.
"The group agreed on reforms that will increase development bank finance by $35 billion a year.
"Brazil's G20 Presidency set a path to reach climate and development targets. The question is how long will it take for the G20 to follow it and whether the world has enough time.
"An important outcome was connecting some global development reforms to track poverty reduction.
"We hoped to see more consensus on debt swap frameworks. That was low hanging fruit.
"The Brazilian G20 Presidency effectively shed light on the need for taxation of the ultra-wealthy.
"Tax measures gained broader support at the G20 this year.
"The G20 managed to make some decisions on global economic issues but war and conflict continue to make it difficult to reach consensus."
Find Jubilee USA IMF and World Bank Annual Meetings event details 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.
VOA Africa Features Eric LeCompte on Economic Issues Facing Africa
VOA Africa features Eric LeCompte in a brief interview detailing the issues Africa is currently facing and how they can be addressed at the IMF Annual Meetings.
Analysis: How does Africa benefit at the IMF’s meeting?
Click here for the full interview.
IMF WEO Jubilee Statement
As world leaders arrive in Washington, DC for the IMF and World Bank Annual Meetings, the IMF releases its flagship World Economic Outlook report, where it forecasts growth as, "underwhelming" for 2024 and 2025 at 3.2%.
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:
“Global economic growth is still forecasted to be below pre-pandemic levels.
“Growth projections for the Middle East and Sub-Saharan Africa worsened, with climate, conflict and civil unrest impacting their economies.
“The IMF says many developing countries face challenges with paying their debts.
"The IMF reiterated that many countries will need debt restructuring."
Read the full World Economic Outlook Report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.
Find Jubilee USA's IMF and World Bank Annual Meetings events here.
IMF/World Bank 2024 Annual Meeting Events
Jubilee 2025: Time for Religious Values to Inform Debt and Global Finance Architecture in Africa
October 25, 2024 | 8:30 - 10:00 am ET
Eric LeCompte
Executive Director, Jubilee USA Network
Lucy Esipila
Executive Secretary, Caritas Africa
Alhaj Ahmed Abajobir
Country Director, Islamic Relief Ethiopia
Bishop Rose Nereya Ayiemba Okeno
Fourth Diocesan Bishop, ACK Diocese of Butere, Anglican Church, Kenya
Rev. Cyril Fayose
General Secretary of the Christian Council of Ghana
As 2025 has been declared a Jubilee year, African faith-based groups and leaders champion policy proposals for a debt and development finance architecture that makes Jubilee’s promise of hope and renewal a reality. The event facilitates religious groups’ dialogue on their value-based approach to these issues with finance authorities. This webinar is the second event in the Road to Jubilee 2025 webinar series.
Sponsors: All Africa Conference of Churches, Caritas Africa, Islamic Relief, Jesuit Justice and Ecology Network Africa, Jubilee USA Network, Bread for the World
Location: WBG I 2-220
Registration to the World Bank/IMF Spring Meetings will be required to access the premises. No registration is needed to access the livestream, available at: https://www.worldbank.org/en/events/2024/06/26/civil-society-policy-forum-annual-meetings-2024#1
A Tale of Two Emergencies: Debt Policies of International Financial Institutions and Fiscal Injustices from a Global South Perspective
October 25, 2024 | 1:30 - 3:00 pm ET
Jason Rosario Braganza
Executive Director, Afrodad
Jane Nalunga
Executive Director, SEATINI
Eric LeCompte
Executive Director, Jubilee USA Network
Samantha Kanoyangwa
Coordinator, African Sovereign Debt Justice Network
Mark Flanagan
Deputy Director, Strategy, Policy, and Review Department, IMF
Debt policies by the international financial institutions have attracted intense controversy over the past decades, exemplified most recently by the popular discontent expressed in most of the Global South countries following several rounds of austerity measures proposals. Situating the Global South financial crisis, the session will explore how to effectively solve the debt and fiscal conditionality crises in a way that will allow these countries to advance development goals.
Sponsors: La Red Latinoamericana por Justicia Económica y Social (LATINDADD), African Forum and Network on Debt and Development – AFRODAD, Eurodad, The Asian Peoples' Movement on Debt and Development (APMDD) and Jubilee USA Network
Location: IMF HQ2-03B-768
Registration to the World Bank/IMF Spring Meetings will be required to access the premises. No registration is needed to access the Zoom livestream, available at: https://imf.zoom.us/j/94315177099?pwd=SBsrwZbSO71z5MpaC4HOEG416vAQGM.1
Pretend and Extend, or #CancelTheDebt? A Fork in the Road for the Debt Crisis
October 25, 2024 | 5:30 - 7:00 pm ET
Patricia Miranda
Global Advocacy Director, LATINDADD
Matthew Martin
Director, Development Finance International
Martín Guzmán
Professor of Economics, Columbia University
Hassan Sherry
Senior Program and Research Officer, Arab NGO Network for Development
Allison Holland
Assistant Director and Division Chief, SPR Department IMF
The IMF insists there is no ‘systemic’ debt crisis requiring debt cancellation, but rather a ‘liquidity crisis’ requiring debt rescheduling. Civil society argues the opposite. What empirical bases best assess the extent of the crisis? What are the costs and risks of debt rescheduling and preemptive or post-default restructurings?
Sponsors: La Red Latinoamericana por Justicia Económica y Social (LATINDADD), African Forum and Network on Debt and Development – AFRODAD, Arab NGO Network for Development (annd), Arab Watch Coalition, Budget Advocacy Network (BAN), SLUG - Debt Justice Network Norway, Debt Justice, Development Finance International (DFI), Eurodad, The Initiative for Social and Economic Rights (ISER), MENA Fem Movement for Economic, Development and Ecological Justice, Oxfam and Jubilee USA Network
Location: HQ2-03B-768B
Registration to the World Bank/IMF Spring Meetings will be required to access the premises. No registration is needed to access the Zoom livestream, available at: https://imf.zoom.us/j/94281756423?pwd=RuWPaCfkXpHI1SVOElltYJ5rvc8o1H.1
Petition to G7 and G20 Finance Ministers signed by 106 African Religious Leaders from 19 countries. Read the letter here.