Heads of the primary global financial, trade and health institutions urged government leaders to finance a $50 billion vaccine plan to end the pandemic. “A two-track pandemic is developing, with richer countries having access and poorer ones being left behind,” shared IMF Managing Director Kristalina Georgieva, World Bank President David Malpass, World Health Organization Director General Tedros Adhanom Ghebreyesus and World Trade Organization Director General Nkozi Okonjo-Iweala in a joint statement.

“Since the IMF released its vaccine plan at the G20 Health Summit 10 days ago, voices are growing to ensure universal vaccine access,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “With what's at stake for everyone's health and the global economy, it's critical that we act quickly and invest more towards global vaccine access."

The IMF argues that the global vaccine investment would spur $9 trillion in economic gains by 2025. The proposal requires the mobilization of public and private donations and cheap loans. The leaders also called for surplus vaccines to be donated to developing countries.

The Collegeville Institute features a personal profile of Jubilee USA Network's Eric LeCompte, titled "All is Possible". Read an excerpt below, and click here for the full story.

All is Possible - A Profile of Eric LeCompte of Jubilee USA

By Catherine Hervey

When he was five or six years old, Eric LeCompte accompanied his parents to church and noticed the face of a suffering person in the sanctuary. He asked his parents who it was, and his mother told him it was Christ, the Son of God. His father added that we’re all children of God, and Eric decided something: if that was what happened to the children of God, he didn’t want to be part of it.

Today, Eric is the executive director of Jubilee USA, an interfaith network of more than 650 religious groups working to address the structural causes of global poverty and inequality by advocating for debt relief for impoverished nations. Eric is, by all accounts, very much involved with the suffering he saw on the face of Jesus. 

“If one of us is suffering, we are all suffering,” Eric says. And suffering, in all its myriad forms, is something he describes in the simplest terms: so many of us don’t have enough. Eric’s advocacy for the poor is based on the Jubilee year of the Torah—the fiftieth year when debts were forgiven, the enslaved liberated. These are the kinds of practices, Eric believes, that ensure we all have enough, because for many of the world’s most impoverished people, basic necessities like health care and education could be much more accessible if nations weren’t spending so much capital on debt payments. In Jubilee economics, Eric says, “We all have enough. We provide for each other and we’re protected from having too much.”

That striking choice of words—that the wealthiest of us need protection from having too much—seems at once radical and absolutely true. It brings to mind all the warnings about the perils of wealth in scripture, and also the work of social scientist Brené Brown, whose research indicates that the opposite of scarcity is not actually abundance but simply, as Eric says, enough.

Growing up as the oldest of four children in a working class family on the South Side of Chicago, Eric has his own personal experience with deprivation. “As a child, there were times when my parents were out of work, when our family did not have enough. And certainly that has been an incredible influence on my life, to ensure that all people have enough.”

Eric says his sense of calling didn’t materialize in any particular moment, but over a lifetime of daily prayer. For years he carried a copy of a sermon he heard preached while he was a student at Saint John’s. It was a sermon delivered by now Abbot John Klassen about the martyrs of Algiers, monks who served the local population in Algiers for years before they were killed, knowing each day the risks they were taking. Eric puts the message of the sermon this way: “The great sacrifice of the cross is not faced in just one moment. The great sacrifice comes after bearing small daily crosses, taking small daily risks and sacrifices that prepare us for greater action, greater risk, and perhaps the greatest sacrifice, of our lives.”

Read the full article here. 

Nuestramerica.TV's Cable a tierra with James Mencias features Jubilee USA's executive director Eric LeCompte on the new issuance of Special Drawing Rights to aid developing countries with debt relief. Click here to listen to the episode. 

EP. 4 Dinero sin deuda: ¿Es posible?

By James Mencias 

Selected Statements from Eric LeCompte

"We are looking at the issue of Special Drawing Rights right now in which we are working towards the issuance of $650 billion new SDRs. That means, right away, that there will be $224 billion available for middle- and low-income developing countries.

"It is incredibly exciting because most of these countries can make use of these new available resources for the acquisition of vaccines, debt payments, tackling poverty, or funding social programs.

"About $420 billion of the new SDRs will go to the developed world. Nonetheless, there is a process moving forward in the International Monetary Fund in which those new reserve funds will be donated to the developing world so that more resources are available to fight the pandemic."

Click here to listen to the full episode. 

As worldwide COVID cases peak, IMF chief Kristalina Georgieva unveiled a $50 billion proposal to support vaccinations of 60% of the world's population. During a G20 and European Commission summit, Georgieva argued the global vaccine investment would end the pandemic and spur $9 trillion in economic gains by 2025.

A High Priority is Debt Relief, Says Treasury Secretary Yellen in Address

Debt relief for poor countries is a high priority for the US, shared Treasury Secretary Janet Yellen in virtual remarks at a Vatican meeting of global finance leaders and Catholic dignitaries. A G20 debt reduction process is in place for poor countries, but developing middle-income countries cannot access the process. During Yellen's address, she lifted US support for developing middle-income countries to qualify for debt relief.

“Yellen's participation in this Vatican event shows the synergy between the pandemic response priorities of Pope Francis and the US Treasury,” said Executive Director of the religious development group Jubilee USA Network. LeCompte advises the Vatican on economic issues and organized a meeting between high-level religious leaders and Yellen in March. "The Pontifical Academy of Social Sciences did an incredible job convening leaders to confront the current crisis."

“Dreaming of a Better Restart,” the conference that Yellen attended, focused on economic policies to combat inequality, climate change and food insecurity.

Yellen remarked on US support for creating $650 billion of emergency currency, known as Special Drawing Rights (SDRs). While developing countries will receive more that $200 billion of these new resources, more than $400 billion is received by wealthy countries. Yellen stated the US wants to donate their share of SDRs to poor countries.

“The support of the US to get as many new resources to developing countries is critical,” stated LeCompte. “More resources are needed to get vaccines to developing countries. Less than 2% of vaccines have reached poor countries.”

The US recently signaled support to waive pharmaceutical patents to increase access for COVID-19 vaccines and therapies.

On climate, Yellen repeated that the US will use its full power to tackle climate change. May 24th is the sixth anniversary of Pope Francis’ encyclical on climate change, ‘Laudato Si.’ 

"Yellen's powerful comments on climate change to this special Vatican conference come as we are celebrating the Holy Father's landmark teaching on protecting the environment," shared LeCompte.

On Monday, the International Monetary Fund approved a plan to pay for Sudan's debt owed to the financial institution. Using grants and internal resources, IMF leadership agreed to clear $1.3 billion in missed debt payments or arrears.

U.S. Catholic features the United States Conference of Catholic Bishops and Jubilee USA Network joint letter to the Biden Administration for global debt relief. Read an excerpt below, and click here for the full story.

It’s time to reform global lending, say U.S. Bishops

By Kevin Clarke

In a joint letter in February, the interfaith religious development group Jubilee USA Network and the United States Conference of Catholic Bishops urged the Biden administration to take the lead in preventing such lamentable trade-offs. Their appeal calls for a short-term response to address immediate humanitarian needs this year, freezing debt servicing, and forgiving some loans outright. But the letter writers also argue that long-term reform of global lending practices has to be a part of a rational response to prevent a rinse and repeat of such crises. Too often resource-rich-but-capital-poor states accept debt deals that promise prosperity but just as often deliver economic and social catastrophe.

Cornering poor counties into trading emergency spending on public health for debt payments will definitely mean a higher death toll and the likelihood that the pandemic will continue longer than it has to. In that sense a merciful response on debt is a wise investment for all, helping economies around the world return to normalcy faster and with fewer casualties. No one should be forced to choose between life and debt.

Read the full article here.

Rome Reports features Eric LeCompte on the Vatican's commitment to debt relief for developing nations. Read an excerpt below, and click here for the full story.

Religious groups shift attention to economic crisis following the Covid-19 pandemic

By Justin McLellan

The World Bank and the International Monetary Fund held a series of Spring meetings earlier this month to discuss the global economic recovery from the Covid-19 pandemic. 

Ahead of the virtual conference, Pope Francis addressed a letter to the meetings' participants, urging them to seek an equitable and sustainable recovery plan that recognizes the needs of developing nations, in particular the estimated 52 countries currently experiencing a debt crisis.

"This is an issue that the Catholic Church has been a leader on since 1997 when Pope John Paul II aligned the jubilee year of the Church with a campaign for debt relief," said Eric Lecompte, Executive Director of Jubilee USA Network.

For Pope Francis, debt relief is not only a financial question, but a matter of respecting human dignity. Relieving the burden of debt of so many countries and communities today, is a profoundly human gesture that can help people to develop, to have access to vaccines, health, education and jobs.

Read the full article here.

Read the full article in Spanish here.

Bloomberg quotes Eric LeCompte on China's unilateral large-scale lending to low-income countries. Read an excerpt below, and click here for the full story.

China and Its Lenders Have to Join the Global Club

By Michael Schuman

Perhaps more importantly, Beijing must become far more transparent about its lending. China has been notoriously secretive about its aid programs. A 2019 study by the National Bureau of Economic Research in Massachusetts found that half of all Chinese overseas loans to developing countries have been “hidden,” as in not properly reported. This is in part the fault of the borrowing governments. But Beijing often insists on this secrecy.  An analysis of Chinese loan contracts co-authored by Parks and released in March discovered that “the Chinese contracts contain unusual confidentiality clauses that bar borrowers from revealing the terms or even the existence of the debt.” This could easily muck up restructurings by making other creditors wary of cooperating due to a dearth of clarity on China’s loans.

Beijing ought to release its debtors from these stipulations when necessary to assist the restructuring process. Better still, the Chinese government should become more proactive in detailing the extent of its lending. The Organization for Economic Cooperation and Development manages a program for creditor countries to report their development assistance. China should participate.

Most of all, Beijing has to resist its urge to go its own way. Doubts remain that Beijing is fully committed to the G20 framework. Eric LeCompte, executive director of Jubilee USA Network, a coalition of organizations focused on anti-poverty issues, told me he believes “China’s preference is to be able to go it alone,” and cut its own deals.

Read the full article here.

Crux features Eric LeCompte on President Biden's support to waive intellectual property protections for COVID-19 vaccines. Read an excerpt below, and click here for the full story.

Catholics debate Biden’s waiver of property rights for vaccines

By John Lavenburg

In conversations with Crux, officials from Catholic Relief Services (CRS) and Jubilee USA Network touted waiving IP protections on the vaccines – copyrights, patents, trademarks and trade secrets –  as an essential step towards ending the pandemic.

“What we’re saying in this instance is that this is a disease that’s ravaging the entire globe,” said Emily Wei, director of policy for CRS. “We’re not going to eradicate it until everyone is vaccinated and you reach that herd immunity.”

CRS estimates that reaching herd immunity will take an estimated 11 billion doses to vaccinate 70 percent of the world’s population (assuming two doses are given per person).

Eric LeCompte, executive director of Jubilee USA NETWORK also acknowledged the point that these vaccines are essential for stopping mutations and variants “that could re-infect people in the north if the developing world doesn’t get access to vaccines.” But, he also noted there’s a great global economic impact to not helping these countries get back on their feet.

Read the full article here.

US Plays Major Role in Sudan Relief Effort

Under a debt relief plan won by advocates in the early 2000s, Sudan could see a drastic cut in its $50 billion debt this summer, according to the IMF and the World Bank. 

“Sudan’s debts would be cut by 85% under the debt relief plan,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network, which was a major force for the creation of the debt reduction process. “Debt relief cannot come soon enough for Sudan as the country struggles with the pandemic and a 50% poverty rate."

Thirty-seven, out of thirty-nine eligible countries, received debt relief under the Heavily Indebted Poor Countries Initiative or HIPC. In order for Sudan to receive a debt reduction it must meet IMF economic reforms and clear missed debt payments. The United States loaned $1.1 billion to Sudan to clear debt payment arrears to the World Bank and convened creditors to secure debt relief.

"The United States is an important leader in Sudan debt relief and is playing a crucial role in expanding debt relief policies during the pandemic," shared LeCompte, who worked with Republican and Democratic administrations for more than a decade on debt policies. "This relief for Sudan can support economic growth and stabilize a hard-won peace in a country where conflict raged for 17 years."

After Sudan obtains debt relief, Eritrea remains the lone country that could qualify under the HIPC debt relief plan won by Jubilee USA.

As developing countries struggle to access vaccines, the US announced support to eliminate trade barriers on vaccine access. In a statement Wednesday, the Biden Administration called for a waiver on COVID-19 vaccine intellectual property patents at the World Trade Organization.

“Less than 2% of vaccines reached poor countries,” said Eric LeCompte, the Executive Director of the religious development organization Jubilee USA Network. "Intellectual property rights prevent developing countries from making their own vaccines or accessing generic versions."

The IMF states that uneven vaccine access is a main cause of global economic uncertainty. 

"When the majority of countries are not accessing vaccines, the virus continues to mutate and could reinfect vaccinated people in wealthy countries," noted LeCompte. "Continuing coronavirus waves, in any part of the world, mean economic shocks from exports and imports for every country."

President Biden pledged $4 billion to a global fund to help poor countries acquire safe and effective vaccines.