Reuters quoted Eric LeCompte on the IMF announcement of debt relief for poor countries affected by the coronavirus. The story was covered in thousands of outlets around the world, including PBS, Voice of America, MarketWatch and WTOP news. Read an excerpt below, and click here for the full story.
Eric LeCompte's Thoughts in New York Times on IMF Debt Freeze
The New York Times featured the IMF's decision to halt debt payments for 25 poor countries affected by the coronavirus. Read an excerpt below, and click here for the full story.
IMF Cancels Debt Payments for 6 Months for 25 Poor Nations
Eric LeCompte, executive director of Jubilee USA Network, an alliance of more than 75 U.S. organizations and 700 faith communities working for debt relief, called the IMF announcement “an incredibly positive step.”
“Many of these countries have less than 50 critical care unit beds per country,” LeCompte said in a statement. “These countries need to bolster their health systems right away and cancellation of debt for six months will help these countries.”
But LeCompte said more needs to be done.
“As the poorest countries in the world, they really need full cancellation” of their debts, he said.
Read more here.
Eric LeCompte Quoted by Common Dreams on Coronavirus Relief
Common Dreams quoted Eric LeCompte on the call for debt relief in response to the coronavirus pandemic. Read an excerpt below, and click here for the full story.
Ilhan Omar Joins Global Call for Debt Relief as Coronavirus Threatens to Push Developing Nations 'Over the Edge'
Last week, Bishop David J. Malloy of the U.S. Conference of Catholic Bishops and Eric LeCompte of the interfaith Jubilee USA Network called on U.S. President Donald Trump to lead the G20 in granting developing nations debt relief so they can better respond to the healthcare and economic consequences of the ongoing pandemic.
"As the G20 considers a suspension of debt payments from the 76 poorest countries in the world, the United States can lead the world, again, in calling on wealthy countries, the G20, the IMF and World Bank, to suspend debt payments for developing countries," wrote Malloy and LeCompte. "Suspending debt payments, with no interest, can immediately allow countries to access funds to bolster their health systems and support needed stimulus packages in the developing world—allowing these countries to provide for their own health, safety, and security."
Read more here.
"As the G20 considers a suspension of debt payments from the 76 poorest countries in the world, the United States can lead the world, again, in calling on wealthy countries, the G20, the IMF and World Bank, to suspend debt payments for developing countries," wrote Malloy and LeCompte. "Suspending debt payments, with no interest, can immediately allow countries to access funds to bolster their health systems and support needed stimulus packages in the developing world—allowing these countries to provide for their own health, safety, and security."
Read more here.
Between the Lines Interviews Eric LeCompte on Debt Freezes from IMF and G20
Between the lines interviewed Eric LeCompte on the IMF and G20 decisions to halt debt payments for some poor countries affected by the coronavirus. Read an summary below, and click here for the full story.
Amid Pandemic IMF & G20 Called on to Cancel Poorest Nations’ Unsustainable Debt
Eric LeCompte discusses plans he’s proposed to Pope Francis, the International Monetary Fund (IMF) and G20 group of nations re: the COVID-19 pandemic and the urgent need to cancel debt payments for the 76 poorest countries in the world and provide aid for countries that need it.
Listen to full interview here.
The Nation Covers Jubilee, Catholic Bishops Call for Debt Relief
The Nation featured Eric LeCompte's thoughts and a joint letter from Jubilee USA and the US Conference of Catholic Bishops to President Trump urging the Administration to use debt relief as a response to the coronavirus crisis for the poorest countries. Read an excerpt below, and click here for the full story.
A ‘Jubilee’ Cancellation of Debt Is Vital to Fighting the Coronavirus
There are similar concerns for a number of developing nations in Africa, as Jubilee USA’s Director Eric LeCompte explains: “Developing countries are unprepared to deal with the economic and health impacts of the coronavirus. Most of Africa only has about 50 critical care beds per country. Without action, tens of thousands of people will die because they can’t access life saving health services.”
In an urgent April 8 letter to President Trump, LeCompte, and Bishop David J. Malloy, the chair of the Committee on International Justice and Peace for the US Conference of Catholic Bishops, pleaded with the president to put the United States on the right side of this fight when the G20 nations consult over the next week:
As the G20 considers a suspension of debt payments from the 76 poorest countries in the world, the United States can lead the world, again, in calling on wealthy countries, the G20, the IMF and World Bank, to suspend debt payments for developing countries. Suspending debt payments, with no interest, can immediately allow countries to access funds to bolster their health systems and support needed stimulus packages in the developing world—allowing these countries to provide for their own health safety and security.
Read more here.
COVID IMF, G20, White House Decision on Our Survival
Friends,
Our urgent coronavirus campaigns to bolster healthcare in the developing world and protect all of us from financial crisis are moving forward urgently. In recent weeks, we've won several campaigns to cancel some debts and deliver grants for the 29 poorest countries to improve health services. We won commitments from the IMF to increase resources for all countries in need so they can increase social protections and keep paying workers.
Now, the White House, IMF and G20 are working through this Easter weekend and will announce decisions next week about canceling debt payments for the 76 poorest countries in the world and providing aid for countries that need it.
Yesterday the head of the International Monetary Fund said the current economic crisis spurred by the coronavirus is on par with the Great Depression. Please sign our petition to the IMF and G20, urging financial crisis protections that are critical for our survival in both the developed and developing world.
In early February, Jubilee's Executive Director, Eric LeCompte, travelled to Rome for an intimate meeting with Pope Francis, the head of the IMF, a dozen finance ministers and world leaders. The meeting focused on Jubilee's concern of a pending financial crisis. At the early February meeting, we began planning for the health and economic impacts of the coronavirus.
On Wednesday, the United States Conference of Catholic Bishops and Jubilee USA sent an urgent joint letter to the White House:
"As the G20 considers a suspension of debt payments from the 76 poorest countries in the world, the United States can lead the world, again, in calling on wealthy countries, the G20, the IMF and World Bank, to suspend debt payments for developing countries," wrote Bishop David J. Malloy on behalf of the US Catholic Bishops along with Jubilee's Eric LeCompte. "Suspending debt payments, with no interest, can immediately allow countries to access funds to bolster their health systems and support needed stimulus packages in the developing world—allowing these countries to provide for their own health, safety and security."
This letter was covered by hundreds of newspapers around the world, your local communities and wire services like Reuters and the Catholic News Service.
Since this letter was sent, national Jubilee USA partner organizations and faith communities are preparing another White House, G20 and IMF letter on protecting the vulnerable and stopping financial crisis ahead of next week's decisions. This new letter is already signed by the Episcopal Church, the Evangelical Lutheran Church, the Presbyterian Church, the Methodist Church, Oxfam America, Church World Service and synagogues, dioceses and churches from North Carolina to Indiana to Puerto Rico to Montana.
With our global Jubilee partners, we organized a statement calling for debt cancellation with 200 development groups from around the world. We supported 165 world leaders, former Presidents and Prime minsters to urge the G20 to cancel debt and save lives. Now, we need you to sign our IMF petition before they make decisions next week.
The United Nations Conference on Trade and Development last week called for a trillion dollars of debt to be cancelled in the face of the coronavirus pandemic. All of Africa's finance ministers joined our call. Our friends - a coalition of 200 US Africa policy groups - the Advocacy Network for Africa Forum is calling for a Jubilee!
Just moments ago - the International Chamber of Commerce, the institutional representative of over 45 million businesses and the International Trade Union Confederation just asked the IMF and Finance Ministers to cancel debt so countries don't have to deny their people health services.
On Tuesday, groups representing "Jubilee" organizations around the world wrote the heads of the Fund and the World Bank to press broader aid and debt relief efforts. The letter was sent from the African Forum and Network on Debt and Development, the European Network on Debt and Development, Jubilee UK, Jubilee Germany, the Latin American Network on Debt and Development and Rights, Oxfam International, the French Catholic - La Plateforme Française Dette & Développement, the Society for International Development and Jubilee USA Network.
As hundreds of Jubilee USA congregations and organizers mobilize petition drives and actions across the United States, please sign our IMF petition. The IMF, G20 and White House will announce the next round of decisions on our Jubilee campaigns before next Thursday.
As many of us reflect on Good Friday and wrestle with the coronavirus, we feel sadness and loss. We feel anxiety. Many of us in the US and around our world are suffering. As we reflect, let us take a moment to prayerfully act - our survival around the world depends on it.
Best,
Kate
Kate Zeller
Campaigns Director
P.s. Please make a donation to Jubilee today. All donations for Jubilee USA Network are doubled today and will immediately support our coronavirus campaigns.
Reuters, The New York Times Cover Jubilee Call for Debt Cancellation
Reuters and the New York Times covered Jubilee USA Network, global business leaders and civil society groups call for debt cancellation in light of the coronavirus pandemic. Read an excerpt below, and click here for the full story.
Global business, workers, civil society join call for debt relief for poorer nations
WASHINGTON (Reuters) - The International Chamber of Commerce on Friday joined a global trade union and a major civil society group to urge immediate debt relief for the world’s poorest countries to help them fight the coronavirus pandemic and mitigate its economic impact.
In an open letter to finance ministers, the groups also urged countries to contribute to the Catastrophe Containment and Relief Trust, an International Monetary Fund instrument that provides debt service relief to its poorest members.
The ICC, the International Trade Union Confederation and Global Citizen, a group pushing to end extreme poverty by 2030, warned that failure to address the debt and financing needs of developing countries could trigger a series of debt defaults that would have devastating and wide-ranging consequences.
“We are concerned that a failure to immediately address the debt and financing needs of developing countries during this unprecedented crisis will result in large-scale loss of lives and livelihoods — potentially resulting in a fundamental collapse of social and economic systems,” the groups wrote.
The letter reflects increasing support for a push by the World Bank and IMF for official bilateral creditors to temporarily suspend debt payments for the poorest countries, which will be hit hardest by the pandemic.
Details of the IMF-World Bank proposal are still being finalized ahead of debate by finance officials at the virtual Spring Meetings of the Fund and the Bank next week.On Friday, the Institution of International Finance, which includes over 450 banks, hedge funds and other financial firms, also backed the call. Other backers include the U.S. Conference of Catholic Bishops and the Jubilee USA Network alliance of faith groups.
Read more here.
The New York Times, Reuters, Others Cite Eric LeCompte on New IMF Panel
The New York Times, Reuters, The Express Tribune and others cited Eric LeCompte on IMF Managing Director Kristalina Georgieva's new advisory panel on the coronavirus pandemic. Read an excerpt below, and click here for the full story.
IMF's Georgieva creates external advisory panel on pandemic
Eric LeCompte, executive director of Jubilee USA Network, a non-profit alliance of religious, development and advocacy groups, said Georgieva’s creation of the panel reflected her desire to “tear down barriers” and spark more dialogue.
“This shows a different way of doing business,” he said. “While this is an informal group, it’s significant that someone from civil society is able to offer input.”
NCR, Crux, Catholic Philly and Catholic News Service Features Jubilee efforts
National Catholic Reporter, Crux and Catholic Philly featured the US Catholic Bishops and Jubilee USA's joint letter to the White House calling for debt relief for poor countries affected by the coronavirus. Read an excerpt below, and click here for the full story.
Faith groups urge U.S. debt relief for poor nations
Catholic Bishops Urge President Trump to Lead Global COVID-19 Debt Relief
Hundreds of World Leaders and Development Groups Call for Debt Cancellation
Washington DC - The US Conference of Catholic Bishops and Jubilee USA Network, an interfaith religious group, is urging President Trump to lead the G20 on coronavirus global debt relief plans. The groups argue debt relief immediately allows developing countries to bolster healthcare and survive economic crises.
"As the G20 considers a suspension of debt payments from the 76 poorest countries in the world, the United States can lead the world, again, in calling on wealthy countries, the G20, the IMF and World Bank, to suspend debt payments for developing countries," wrote Bishop David J. Malloy and Eric LeCompte in a letter to the President on Wednesday. "Suspending debt payments, with no interest, can immediately allow countries to access funds to bolster their health systems and support needed stimulus packages in the developing world—allowing these countries to provide for their own health, safety and security."
Malloy, writing on behalf of the US Catholic Bishops, chairs international policy for the largest single religious denomination in the United States. Pope John Paul II, Pope Benedict and Pope Francis along with other major Christian, Jewish and Muslim leaders championed debt relief policies with Jubilee USA Network since the 1990s.
The letter lands at the White House as hundreds of world leaders and development groups are calling on the G20, IMF and World Bank to stop collecting debt of developing countries. The United Nations Conference on Trade and Development last week called for a trillion dollars of debt to be cancelled in the face of the coronavirus pandemic.
"Developing countries are unprepared to deal with the economic and health impacts of the coronavirus," said LeCompte who serves on United Nations finance expert groups. LeCompte's organization detailed a plan to the IMF in March to deal with the global crisis. "Most of Africa only has about 50 critical care beds per country. Without action, tens of thousands of people will die because they can't access life saving health services."
On Thursday, IMF Head Kristalina Georgieva foreshadowed next week's Spring IMF and World Bank Meetings. Georgieva warned that our current financial crisis is on par with the Great Depression and encouraged debt cancellation and relief plans for the 76 poorest countries in the world.
"I agree with the Fund that we need to expand debt relief and poor countries should stop making debt payments," shared LeCompte. "However, the IMF thinking is too small on the amount of debt relief needed. We need to start with at least hundreds of billions of dollars in debt relief measures, not billions."
On Tuesday, groups representing "Jubilee" organizations around the world wrote the heads of the Fund and the World Bank to press broader aid and debt relief efforts. The letter was sent from the African Forum and Network on Debt and Development, the European Network on Debt and Development, Jubilee Debt Campaign UK, Jubilee Germany, the Latin American Network on Debt and Development and Rights, Oxfam International, the French Catholic - La Plateforme Française Dette & Développement, the Society for International Development and Jubilee USA Network.
On Tuesday, groups representing "Jubilee" organizations around the world wrote the heads of the Fund and the World Bank to press broader aid and debt relief efforts. The letter was sent from the African Forum and Network on Debt and Development, the European Network on Debt and Development, Jubilee Debt Campaign UK, Jubilee Germany, the Latin American Network on Debt and Development and Rights, Oxfam International, the French Catholic - La Plateforme Française Dette & Développement, the Society for International Development and Jubilee USA Network.
Read US Catholic Bishops, Jubilee USA Letter here
Reuters Features Jubilee, Catholic Bishop Letter on Debt Relief
Thomson Reuters featured the US Catholic Bishops and Jubilee USA's joint letter to the White House calling for debt relief. Read an excerpt below, and click here for the full story.
Catholic bishops, faith groups urge Trump to back debt relief for poor countries
WASHINGTON (Reuters) - The U.S. Conference of Catholic Bishops and an alliance of faith groups have urged President Donald Trump to champion a moratorium on debt payments for poor countries hit by the coronavirus pandemic that has triggered a global recession.
In a letter sent to the U.S. president on Wednesday, the groups said U.S. leadership was needed to both to help the 76 poorest countries in the world combat the pandemic and safeguard U.S. economic interests.
A move by rich countries, the Group of 20 major economies, the International Monetary Fund and the World Bank to suspend debt payments for those countries would allow them to bolster their health systems and provide for their own health safety, the groups wrote in a letter dated Wednesday.
The novel coronavirus that emerged in China in December has raced around the globe, infecting 1.41 million people and killing 87,700, according to a Reuters tally.
The IMF and World Bank, backed by the World Health Organization, have called on China, the United States and other bilateral creditors to temporarily suspend debt payments by the poorest countries so they could use the money to halt the spread of the disease and mitigate its financial impact.
G20 finance ministers and central bankers are due to consider the issue when they meet online next week during the Spring Meetings of the IMF and World Bank.
The letter from the Catholic bishops and Jubilee USA Network, a non-profit alliance of religious, development and advocacy groups, comes amid growing concern about the high level of debt of developing countries and emerging market economies.
“The current financial crisis threatens U.S. imports and exports from and to the developing world,” the bishops and Jubilee USA wrote. “Providing a suspension of debt payments and debt relief will help safeguard our common interests of returning the U.S. economy to prosperity and growth.”
The groups said the debt payment moratorium should both be interest-free, and expose all debts, including private and predatory loans.
Such a decision could help better assess debt sustainability and vulnerabilities, and, if warranted, trigger a process to restructure debt, the groups told the U.S. president.
Lending by Western countries and multilateral institutions slowed after a major round of debt restructuring in 1996, but the Chinese government, banks and companies have dramatically expanded their lending to developing countries since then.
Read more here.
WASHINGTON (CNS) — Two leading proponents of debt relief for developing countries urged the White House to lead the call for a moratorium on debt payments for poor nations so they can devote funds to fight the COVID-19 pandemic.
The request came in an April 8 letter from Bishop David J. Malloy of Rockford, Illinois, chairman of the U.S. Conference of Catholic Bishops’ Committee on International Justice and Peace, and Eric LeCompte, executive director of Jubilee USA Network, an alliance of faith-based development and advocacy groups.
The letter said a moratorium would aid the 76 poorest countries while safeguarding U.S. economic interests.
“The leadership of the U.S. government is vital to ensuring that our world will emerge from this pandemic with greater resilience and a renewed understanding of the greater interconnectedness of humanity,” the letter said.
A decision to suspend debt payments would allow for a better way to assess debt sustainability and vulnerabilities and, if necessary, open a process to restructure debt, the letter added.
The request comes as the Group of 20 finance ministers and central bankers from the European Union and industrial and emerging market nations were preparing to discuss the issue during meetings of the International Monetary Fund and World Bank starting April 14.
G-20 finance officials have long expressed concern about the high level of debt of developing nations and emerging market economies.
“Suspending debt payments, with no interest, can immediately allow countries to access funds to bolster their health systems and support needed stimulus packages in the developing world, allowing these countries to provide for their own health safety and security,” the letter said.
Bishop Malloy and LeCompte also wrote that the financial crisis that has emerged as the pandemic grows threatens U.S. imports and exports to developing countries.
“Providing a suspension of debt payments and debt relief will help safeguard our common interests of returning the U.S. economy to prosperity and growth,” they said.
Read more here.