Friends,

In recent weeks, Jubilee USA Network's views and our coronavirus campaigns appeared in more than 100,000 newspapers and TV and radio shows.

We just published this column in Barron's and Dow Jones. This syndicated column will appear in coming days in the global Wall Street Journal family of publications.

Click here and read our global analysis on what we won in our Jubilee USA coronavirus efforts, what we need to win in the next few months and our focus for the next few years in Barron's and Dow Jones. They took down the paywall in the world's most prestigious finance magazines. Just x out the ad and read our article.

Barron's dubbed our in-depth column titles like, Adam Smith and Pope Francis Agree, Let Countries Declare Bankruptcy and The World's Poor are Drowning in Debt.

When you read our column, we break down the short-term and long-term efforts we need to cure the economic and health impacts of the coronavirus, from taxes, corruption, using global financial reserves, debt laws and bankruptcy. 

Read our column and share it within your communities. When you go to Barron's, you can X away the ad and read our global analysis.

So grateful for your support and partnership,

Eric

Eric LeCompte
Executive Director

Barron's invited Eric LeCompte to pen an op-ed on the coronavirus financial crisis and debt relief solutions. Read an excerpt below, and click here for the full story. 

The World’s Poor Are Drowning in Debt. Here’s How to Help Them.

Pagina12 and the Buenos Aires Times covered Eric LeCompte and other top economist's support of the newly proposed Argentina debt plan. Read an excerpt below, and click here and here for the full stories.

High-profile economists back Argentina's debt restructuring bid

The full name of signatories: Jeffrey D. Sachs, Columbia University; Dani Rodrik, Harvard Kennedy School; Thomas Piketty, School for Advanced Studies in the Social Sciences; Mariana Mazzucato, University College London; Kenneth Rogoff, former IMF chief economist and Harvard University; Brad Setser, Council on Foreign Relations; Ricardo Hausmann, former IADB Chief Economist and Harvard Kennedy School; Carlos Ominami, former Economy Minister, Chile; Yu Yongding, former member of the Monetary Policy Committee, People’s Bank of China; Erik Berglof, former EBRD chief economist and London School of Economics; Nora Lustig, Tulane University; Nelson Barbosa, former Minister of Finance and Planning; Justin Yifu Lin, former World Bank chief economist and Peking University; Partha Dasgupta, University of Cambridge; Kevin P. Gallagher, Boston University; Stephany Griffith-Jones, Columbia University; Stephanie Blankenburg, UNCTAD; Richard Kozul-Wright, UNCTAD; Ricardo French Davis, University of Chile; James K. Galbraith, University of Texas; Jean-Paul Fitoussi, Sciences Po; Amar Bhattacharya, Brookings Institution; Robert Boyer, National Scientific Research Council; Robert Pollin, University of Massachusetts-Amherst; Robert Howse, NYU Law; Giovanni Dosi, Scuola Superiore Sant’Anna; Juan Carlos Moreno Brid, National Autonomous University of Mexico; Josh Bivens, Economic Policy Institute; Arjun Jayadev, Azim Premji University; David Soskice, London School of Economics; Jayati Ghosh, Professor of Economics, Jawaharlal Nehru University; Mauro Gallegati, Università Politecnica Delle Marche; Natalya Naqvi, London School of Economics; Daniela Gabor, UWE Bristol; Marcus Miller, University of Warwick; John E. Roemer, Yale University; William H. Janeway, University of Cambridge; Dean Baker, Center for Economic and Policy Research and University of Utah; Gerald Epstein, University of Massachusetts-Amherst; Anwar Shaikh, New School University; Kaushik Basu, Cornell University; Matias Vernengo, Bucknell University; Philippe Aghion, London School of Economics; Anne Laure Delatte, Centre d’Etudes Prospectives et d’Informations Internationales; Sudhir Anand, London School of Economics; Christoph Trebesch, University of Kiel; John Weeks, University of London; David Vines, University of Oxford; Saskia Sassen, Columbia University; Sandra Polaski, Boston University; Thomas Pogge, Yale University; Rhys Jenkins, University of East Anglia; Jurgen Kaiser, Jubilee Germany; Gary A. Dymski, University of Leeds; Andreas Antoniades, University of Sussex; Raphael Kaplinsky, University of Sussex; Diane Elson, University of Essex; Ernst Stetter, former secretary general, Foundation for European Progressive Studies; Ozlem Onaran, University of Greenwich; Todd Howland, Office of the United Nations High Commissioner for Human Rights; Isabel Ortiz, Columbia University; Carolina Alves, University of Cambridge; Eric LeCompte, Jubilee USA Network; Richard Jolly, University of Sussex; Christoph Trebesch, University of Kiel; Diego Sanchez-Ancochea, University of Oxford; Mark Weisbrot, Center for Economic and Policy Research; Lara Merling, International Trade Union Confederation; Pedro Mendes Loureiro, University of Cambridge; Ilene Grabel, University of Denver; Sabri Öncü, CAFRAL; David Hall, University of Greenwich; Jose Esteban Castro, Newcastle University; Andy McKay, University of Sussex; Stefano Prato, Society for International Development; Rosemary Thorp, University of Oxford; Barry Herman, The New School for Public Engagement; Andres Aruaz, former Minister of Knowledge and Central Bank General Director, Ecuador; Manuel Alcántara, University of Salamanca; Alex Izurieta, UNCTAD; Michael Cichon, UNU Maastricht; Biswajit Dhar, Jawaharlal Nehru University; Jens Martens, Global Policy Forum; Nicolas Pons-Vignon, University of the Witwatersrand; Jean Saldanha, European Network on Debt and Development (Eurodad); Leonidas Vatikiotis, Debtfree Project; Valpy FitzGerald, University of Oxford; Giovanni Andrea Cornia, University of Florence; Matthias Thiemann, Sciences Po; Yılmaz Akyüz, former chief economist, South Centre, Geneva; Stephan Schulmeister, University of Vienna; Eduardo Strachman, São Paulo State University; Peter Dorman, Evergreen State College; C.P. Chandrasekhar, Jawaharlal Nehru University; Leopoldo Rodriguez, Portland State University; Chris Tilly, University of California Los Angeles; Tracy Mott, University of Denver; Jeffrey Madrick, Schwartz Rediscovering Government Initiative; Günseli Berik, University of Utah; Joseph Ricciardi, Babson College; Lorenzo Pellegrini, Erasmus University Rotterdam; Erinc Yeldan, Bilkent University; Sunil Ashra, Management Development Institute; Mustafa Özer, Anadolu University, Turkey; Rolph van der Hoeven, Erasmus University Rotterdam; Al Campbell, University of Utah; Antonella Palumbo, Università Roma Tre; Arthur MacEwan, University of Massachusetts Boston; Neva Goodwin, Tufts University; Korkut Boratav, Turkish Social Science Association; Michael Ash, University of Massachusetts-Amherst; Alicia Puyana, Facultad Latinoamericana de Ciencias Sociales, Mexico; John Willoughby, American University; Marco Palacios, El Colegio de Mexico; Reza Mazhari, Gonbad Gavous University, Iran; Ann Markusen, University of Minnesota; Renee Prendergast, Queens University; Michael Moore, University of Warwick; Carlos A. Carrasco, Universidad de Monterrey, Mexico; Robert Lynch, Washington College; John Schmitt, Economic Policy Institute; Venkatesh Athreya, Bharathidasan University; Jeff Faux, Economic Policy Institute; Kunibert Raffer, University of Vienna; Jenik Radon, Columbia University; Maria Joao Rodrigues, Foundation for European Progressive Studies; Stephanie Seguino, University of Vermont; Gustavo Indart, University of Toronto; Cyrus Bina, University of Minnesota; Alberto Minujin, The New School; Philip Alston, NYU; Sudhir Anand, London School of Economics; José Gabriel Palma, Cambridge University; Michael A. Cohen, The New School; Jeff Powell, University of Greenwich; and Rob Johnson, President, INET.  

Read more here. 

SwissInfo quotes Eric LeCompte on the IMF's emergency Ecuador credit for COVID-19 mitigation efforts. Read an excerpt below, and click here for the full story.

Read more here. 

Additional Resources Urgently Needed Says Religious Development Coalition

Washington DC - From Ecuador to the Dominican Republic to Ethiopia, developing countries are struggling to obtain aid and financing to address the health and economic impacts of the coronavirus.

"Because of high debts and austerity policies, countries like Ecuador cannot provide basic health services to confront the coronavirus, let alone help their people survive the economic disaster," stated Eric LeCompte a United Nations finance expert who leads the religious development group, Jubilee USA Network. "While international institutions and aid groups are providing what they can, it's not enough to confront the enormity of this global crisis."

On Friday, the International Monetary Fund is expected to approve $500 million in emergency financing for Ecuador. The Inter-American Development Bank (IDB) approved $700 million in loans for the beleaguered South American Country. About $350 million of the IDB funds are destined to bolster health services and support small businesses. In March, Ecuador's Congress called for a suspension of debt payments on the country's $4.6 billion public debt. 2020 debt payments for Ecuador would surpass 30% of the country's revenue.

In the Caribbean, only Haiti will see debt relief in a plan released from the IMF in April. As hurricane season approaches and islands wrestle with high poverty rates, the IMF predicts a 6.2% contraction of the region's economy. This week the IMF approved concessional financing of $650 million for the Dominican Republic.

As African countries confront the crisis, a number of countries received similar financing packages. Ethiopia will receive a $411 million package. African Finance Ministers called for suspension of debt payments to free up $44 billion to fight Covid-19. 

"While the IMF is using just about every tool at its disposal to deal with the crisis, the aid and relief so far is not enough," said LeCompte. "To confront the crisis, the G20 needs to move forward broader debt relief and debt restructuring processes that include the private sector. The IMF and World Bank needs to cancel debts. Countries need to be able to access emergency financial reserves or what's known as the special drawing rights."

The World Bank and IMF released a joint paper on April 17th noting that as the economic crisis deepens, they would consider expanding debt relief to a broader set of developing countries.

In a March 23rd letter to the IMF, Jubilee USA called for a “well-designed, globally-coordinated response from the international community" to address the health and economic impacts of the crisis. The development group detailed a plan to expand debt relief, aid, financing, improve debt restructuring and move forward financial crisis protections and transparency initiatives.

Read Jubilee USA's March 23rd letter to IMF on a health and economic COVID-19 plan here

Read Jubilee USA's April 1st letter to the IMF on reserve gold funds here

Read about the Major Religious Institutions Letter to the President, IMF and G20 to Cancel Debts and Use Reserves to Protect Poor here

The Rome News-Tribune featured Eric LeCompte's thoughts on the COVID-19 global recession and the potential impact on Latin America and Caribbean. Read an excerpt below, and click here for the full story.

Coronavirus could push Latin America, Caribbean into deepest recession since 1930s

The Miami Herald interviewed Eric LeCompte on coronavirus impacts on the economy in Latin America and the Caribbean. Read an excerpt below, and click here for the full story. 

Friends, 

Jubilee USA's coronavirus proposals to lift the vulnerable and protect all of us from financial crisis continue to move at the IMF, G20, White House and Congress.

Last week, Jubilee's Executive Director, Eric LeCompte, met with the heads of the IMF and World Bank. Since then we've continued daily meetings with Finance Ministers and world leaders on our proposals. We are now working with our Republican and Democratic partners to authorize last week's coronavirus crisis victories in the next stimulus package.

Now nearly 100 religious groups, labor unions and partners signed our letter to the G20, IMF and White House to cancel debt and increase aid to developing and developed countries, bolster global healthcare, move forward transparency and anti-corruption proposals and put in place policies to protect all of from the financial crisis.

Will you join us and sign and share our 4 point call to action to the IMF now? We'll deliver our next round of petitions and letters to the IMF next week.

Yesterday the head of the United Nations, António Guterres, echoed our proposals to expand debt relief and aid to more countries! The UN Conference on Trade and Development encouraged the creation of a process to create a new global financial crisis mechanism.

Linked here, you'll see Eric's e-mail from Sunday with an in-depth overview of our work and prayer, action and education resources.

We're so grateful for your partnership. As we've entered Ramadan, we lift this holy time for our Muslim members and partners.

Best,

Washington DC - In less than three weeks, Argentina and it's creditors must reach a deal on restructuring the South American country's $70 billion debt or risk default. Last week, Argentina offered a proposal to creditors that was rejected by enough debt holders to thwart the plan.

"Argentina was running out of money to pay debt before the coronavirus struck," stated Jubilee USA Executive Director Eric LeCompte. LeCompte's group monitored Argentina debt since the early 2000s. Then in 2014, Jubilee USA filed to the US Supreme Court when Argentina's last debt crisis faced US Court arbitration. "As the health and economic impacts of the coronavirus worsen, Argentina's ability to pay debt becomes more uncertain."

On Wednesday Argentina missed a $500 million debt payment which set in motion a possible default by the end of May if Argentina and it's creditors cannot reach a new debt agreement. Argentina's proposed debt plan represents a more than 60% cut on the country's debt payments and some investors say the country can pay more and offer better terms.

"In light of the coronavirus and the suffering of Argentina's people, the initial plan is reasonable," said LeCompte, who serves on United Nations debt expert groups. "Vulnerable and poor people are the ones who suffer most because of the country's economic woes."

Argentina's efforts to surmount recent debt challenges are supported by the International Monetary Fund, G20 leaders and Pope Francis.

Washington DC - Over the last 48 hours, United Nations agencies warned the coronavirus could spread famine to hundreds of millions, called for new debt relief processes and the UN's chief urged expanding debt relief and aid to more countries.

"Without debt relief and emergency aid, too many countries do not have the ability to feed their people, strengthen health services or help their people survive the economic impacts of the coronavirus," stated Eric LeCompte, a UN finance expert, who leads the religious development group, Jubilee USA Network.

On Thursday, United Nations Secretary General António Guterres called for expanded debt relief and aid for broader groups of developing countries to confront the coronavirus pandemic. Guterres spoke to the virtual meetings of the UN Financing for Development Forum and he specifically noted the plight of Middle Income Countries.

His remarks come as the UN World Food Programme released analysis this week, that the impacts of COVID-19 could spread famine to 265 million people.

"Almost all of the countries that face increased numbers of people suffering from famine are poor countries with debts that cannot be paid," said LeCompte. "Not only do these countries need debt relief, they also need emergency aid so people don't starve to death."

The UN Conference on Trade and Development also released Thursday a template for a new process, the International Developing Country Debt Authority, to create a mechanism to negotiate the debt of countries facing crisis.

"The efforts of the United Nations are critical now to immediately expand aid and debt relief to more countries in the face of this unprecedented global health and economic crisis."

Last Friday, the International Monetary Fund and World Bank noted that increased resources and debt relief would be needed as the coronavirus economic crisis deepens.

Read the UN Secretary General's Remarks here

Read Jubilee USA's April 1st letter to the IMF on reserve gold funds here

Read Jubilee USA's March 23rd letter to IMF on a health and economic COVID-19 response plan here

Read about the Major Religious Institutions Letter to the President, IMF and G20 to Cancel Debts and Use Reserves to Protect Poor here

Washington DC - United Nations Secretary General António Guterres called for expanded debt relief and aid for broader groups of developing countries, including Middle Income Countries, to confront the health and economic impacts of the coronavirus. Guterres' remarks were shared at the virtual, informal UN Financing for Development Forum.

Eric LeCompte, UN Finance Expert and Executive Director of the religious development organization Jubilee USA Network, releases the following statement on the UN Secretary General's remarks:

"A broad group of developing countries need debt relief, not just the poorest countries.

"The so-called Middle Income Countries in Africa, Asia, Latin America and the Caribbean will be hit hard by the coronavirus crisis.

"Without debt relief and emergency aid, too many countries do not have the ability to bolster health services or help their people deal with the economic impacts of the coronavirus.

"The UN Secretary General is right that debt relief must be immediately extended to more countries in the face of this unprecedented global health and economic crisis."

Read the UN Secretary General's Remarks here