Reuters, the Financial Post and Yahoo Quote Eric LeCompte on New York Bill to Tackle Developing Countries Debt Crises and US Supply Shocks

Eric LeCompte is quoted in Reuters regarding the introduction of the "New York Taxpayer and International Debt Crises Protection Act" in the New York State Senate. Read an excerpt below and click here for the full story.

New York state bill seen aiding poor country debt relief

By David Lawder

WASHINGTON, Feb 17 (Reuters) - As major debt-distressed countries and major creditors discussed ways to unlock faster debt relief on Friday, legislation under consideration in New York's state legislature would push private sector creditors to participate, state lawmakers and non-profit groups say.

New York State Senator Brad Holyman-Sigal, a Democrat representing lower and parts of mid-town Manhattan, said he introduced companion legislation to the "New York Taxpayer and International Debt Crises Prevention Act" already under consideration in the state assembly.

Read more here.

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New York Senate Bill Joins Assembly Bill to Tackle Developing Countries Debt Crises and US Supply Shocks

US Taxpayers, Consumers Poised to Reap Benefits

Private creditors would join debt relief processes supported by Republican and Democratic White Houses for the last 25 years, with new bills introduced in the New York Senate and Assembly.

Countries coping with the pandemic, war and multiple crises can seek debt relief under a new law just introduced by Senator Brad Hoylman-Sigal, Judiciary Committee Chair. Hoylman-Sigal's legislation, The New York Taxpayer and International Debt Crises Protection Act, S.4747, a companion bill to A.2970 that Assemblymember Patricia Fahy champions in the New York Assembly. Proponents assert that the bill will help address inflation and supply shocks hurting New Yorkers.

"As the financial capital of the world, New York has a critical role to play in addressing the crippling debt of other nations," said Hoylman-Sigal. "Our “New York Taxpayer and International Debt Crises Protection Act” (S4747) with Assemblymember Fahy will help countries struggling to recover from challenges like climate change and COVID and better take care of their constituents. At the same time, the bill will protect New York taxpayers and reduce the harmful impact of inflation. I look forward to passing it in this legislative session."

Over the last two years, the heads of the International Monetary Fund and the World Bank argued that financial jurisdictions, like New York State, should have plans for debt relief since private debt is governed by contracts in these financial jurisdictions. More than half of the world's private debt contracts are subject to New York State law.

“The global COVID-19 pandemic, war in Europe, and ongoing climate crisis have all laid bare just how interconnected the global economy has become today,” said Fahy. “New York State is the world’s financial hub — positioning us well to enact basic changes that will ensure debt relief for developing nations through investments in sustainable growth, infrastructure, and more.”

The participation of private creditors in debt relief initiatives at the same level as the US government, other governments and other creditors, will also protect US taxpayer-funded debt relief commitments. Privately-held debt represents more than 60% of debt in developing countries.

“The bill is critical for many countries struggling with soaring poverty rates and debt crises that became worse during the pandemic,” stated Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. The bipartisan group is focused on debt policies because they argue it impacts poverty and inequality in the US and abroad. “Because New York and the United States are relying on these countries for trade, their debt crises affect what we pay for eggs, flour and coffee," continued LeCompte.

Since the legislation promises such benefits to US taxpayers and consumers, the legislation is gaining traction with unions and New York major religious leaders.

“Not only will this legislation protect American taxpayers, it will spur new development and growth within the global economy, reduce stress on international supply chains, and establish clear strategies for growth in nations burdened by massive amounts of debt,” stated Fahy. “I’m proud to introduce the New York Taxpayer and International Debt Crises Protection Act with Senator Hoylman-Sigal and look forward to working on this issue with my colleagues in the state legislature to deliver economic justice for nations and peoples across the globe.”

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Reuters quotes Eric LeCompte on IMF, World Bank and G20 debt roundtable

Eric LeCompte is quoted in Reuters regarding the upcoming IMF, World Bank and G20 sovereign debt roundtable. Read an excerpt below and click here for the full story.

China, U.S. to participate in first meeting of new debt roundtable on Feb. 17

By Andrea Shalal

WASHINGTON, Feb 13 (Reuters) - Officials from China, India, Saudi Arabia and Group of Seven wealthy nations will participate in a first virtual meeting of a new sovereign debt roundtable on Friday, three sources familiar with the plans said on Monday.

The roundtable will also include officials from countries that have requested debt treatments under the Group of 20 common framework - Ethiopia, Zambia and Ghana - as well as middle-income countries such as Singapore, Suriname and Ecuador, which have faced their own debt crises, the sources said.

Read more here:


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Yellen: World Bank Should Incorporate Climate and Pandemic Challenges in Fight to End Poverty

World Bank poverty reduction work should include growth goals and address climate change, pandemics and other global challenges, asserted Treasury Secretary Janet Yellen on Thursday. Speaking at the Center for Strategic International Studies, she presented US priorities on a World Bank reform process of the Bank's vision, operation and finances.

“The pandemic, war and inflation are increasing poverty around the globe,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “Yellen knows we've lost decades of work on development and that the World Bank and development banks can do more if we can make these banks more effective."

Last October, the US led calls for a reform process of the World Bank. The agenda includes assessing proposals to increase bank lending by hundreds of billions of dollars.

“As we need development banks to do more, they will need more resources and capital,” added LeCompte. "We also need them to be more innovative to deal with multiple, growing crises."

In a 2021 letter to President Biden, the US Conference of Catholic Bishops and Jubilee USA Network called for significantly increasing multilateral development bank lending power. In March of that year, at a roundtable Jubilee USA convened with Secretary Yellen, some of the US's highest-ranking religious leaders delivered the same request to her. The leaders represented the Catholic, Methodist, Lutheran, Presbyterian and United Church of Christ Churches, as well as the Union for Reform Judaism. 

Addressing a question on debt during Thursday's talk, Yellen remarked how debt restructuring not only serves the interests of the borrowers, it also serves the interests of the creditors. She elaborated that where debt reaches an unsustainable level, it stops the country from growing, developing and investing, and thus it cannot make payments.

“If we are going to be effective in reducing poverty in countries then we need debt to be reduced and more aid delivered to countries,” stated LeCompte. "Debt relief and sufficient economic aid must go hand and hand."

Read Secretary Yellen's speech here.

Read the World Bank Group Statement on Evolution Roadmap here.

Read the letter to President Biden and Secretary Yellen from the US Conference of Catholic Bishops and Jubilee USA Network here

Read Treasury Secretary Yellen/Jubilee USA Network roundtable readout and release here.


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The New York Taxpayer and International Debt Crises Protection Act bill and bill memo

Download the New York Taxpayer and International Debt Crises Protection Act bill (English) as a PDF here.

Download the New York Taxpayer and International Debt Crises Protection Act bill (español) as a PDF here.

Download the New York Taxpayer and International Debt Crises Protection Act bill memo (English) as a PDF here.

Download the New York Taxpayer and International Debt Crises Protection Act bill memo (español) as a PDF here.



Bill Memo: 

Download the New York Taxpayer and International Debt Crises Protection Act bill (English) as a PDF here.

Download the New York Taxpayer and International Debt Crises Protection Act bill (español) as a PDF here.

Download the New York Taxpayer and International Debt Crises Protection Act bill memo (English) as a PDF here.

Download the New York Taxpayer and International Debt Crises Protection Act bill memo (español) as a PDF here.

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Concerns of Growth, Pandemic, War and Inflation Top World Economic Forum Agenda

World Bank Cuts Global Growth Forecast as Developing Countries Struggle with Debt

Ministers, business leaders, economists and development groups convened this week for the annual World Economic Forum in Davos, Switzerland. The pandemic, Ukraine war, food crisis and rising inflation dominated talks at the meetings.

“A positive message from the gathering is that a strong economy is built on addressing poverty and protecting our planet,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA, which monitors the forum. “While the gathering can help build consensus on solutions to global problems, we didn't hear any sense of urgency about the economic crises that most countries face.”

The World Bank cut the 2023 global economic growth forecast, noting that only twice in the last two decades did the economy grow more slowly. Those slowdowns occurred in 2008 – the global financial crisis -- and 2020, the pandemic crisis. One-third of developing countries will not regain their pre-2019 income levels until 2024 or later, the recent Bank report found.

“As major economies raise interest rates to counter inflation, the higher rates increase debts for the poorest countries,” LeCompte stated. "As debt becomes more unsustainable, more countries will default and all countries will struggle with greater economic and supply shocks."

The IMF recently announced it will convene a high-level debt roundtable to resolve outstanding issues with a G20 debt reduction initiative that has been in place for more than two years.

Read the World Bank's Global Economic Prospects report here.

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2021/2022 Report


Most of the world's countries continue to struggle with impacts of the pandemic, soaring food prices and a climate crisis. As we review our efforts together over the last year, we moved forward solutions to the climate crisis and pandemic and we won the largest amounts of relief and aid in our 25 year history.

Read and share our 2021-2022 report as we look back on our work and continue efforts to address the root causes of poverty, inequality and climate and financial crisis.

In our report, you'll read about our New York legislation to resolve debt crises, protect US tax payers and stop economic shocks. Almost 50 countries benefited from our debt relief efforts. We won hundreds of billions in new pandemic response aid, secured student debt relief and Puerto Rico aid advanced.

We produced new research on how the pandemic is impacting 24 countries. Hundreds of Jubilee congregations, faith communities and partners organized with us to push the G20, IMF and White House to implement policies to resolve the current climate and financial crisis - and prevent future crises.

While our campaigns continue to succeed, we'll need your help as world leaders continue to make critical decisions about our lives, livelihoods and planets. Read and share our Jubilee USA Network 2021-2022 report.

We look forward to continuing to work with you in the new year and beyond.


Aldo Caliari
Senior Director of Policy and Campaigns
Jubilee USA Network

PS. Please join me and donate now to support our Jubilee USA mission and efforts to protect our lives, livelihoods and planet.

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Call the Senate: Urgent Puerto Rico Healthcare, Jobs, Poverty Relief

Call the Capitol Switchboard at 202-224-3121 and ask for your Senators. You will need to call twice to reach each of your US Senators. The switchboard is open 24 hours a day and 7 days a week to leave a message for your Senator.

If you need help finding your Senators, you can ask the Capitol Switchboard attendant by telling them in what state you reside or use this link.

Once you are connected, ask to leave a time-sensitive message for your Senator.

"Thank you for taking my call. I live in your state, my name and address is______________. Unless Congress takes action, Puerto Rico faces a Medicaid budget gap of more than $2.5 billion. I want the Senator to help the people of Puerto Rico recover from debt crises, natural disasters and tackle a nearly 60% child poverty rate, by:

1.) Increasing funds for Puerto Rico healthcare Medicaid program for at least the next five years, and pass a permanent fix.

2.) Supporting Puerto Rico nutrition assistance parity with the states;

3.) Passing measures to increase manufacturing jobs in Puerto Rico."

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Congress Votes Puerto Rico Health, Jobs, Protect Debt Relief


Before the year ends, Congress will pass a major budget bill. The spending package should include Puerto Rico funding for healthcare, jobs and poverty reduction.

Please call your Senators and ask them to support relief and opportunity for Puerto Rico.

Earlier this year, we joined 25 Puerto Rico and US major religious leaders to call for steps to end child poverty and promote economic recovery after a new debt deal passed on the island. Puerto Rico wrestles with a 60% child poverty rate, continuing economic crises and natural disasters. The debt settlement cut debt payments by two-thirds, a historical achievement under bankruptcy legislation we won together.

Absent Congressional action, Puerto Rico loses 85% of its Medicaid funding. The budget shortfall of more than $2.5 billion means dramatic losses in healthcare access for residents still living in the public health emergency left by Hurricane Fiona. Such staggering reduction also erodes funding for rebuilding programs and the most vulnerable.

You can leave a message for your Senators as they prepare to vote before the end of the year. The Capitol Switchboard is open 24/7.

While a lot hinges on solving the Medicaid crisis, Puerto Rico still needs a comprehensive agenda including funding for nutrition and other social programs, disaster relief and jobs. Add your voice to our highest-ranking religious leaders and help us move Congress to reset Puerto Rico on a path to recovery and protect the gains of debt relief.


Aldo Caliari
Senior Director of Policy and Campaigns
Jubilee USA Network

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Enough 4 All, GivingTuesday Gift


On #GivingTuesday, I'm asking you to make a gift to Jubilee USA Network to help us build a world where everyone has enough.

Over the last year, with your partnership, we won hundreds of billions for developing countries, a new UN climate fund to help developing countries address climate change damage and new tax and trade agreements that protect people. Our proposals won debt relief for the world's most vulnerable countries. In Puerto Rico, legislation we won yielded a debt settlement slashing two-thirds of the territory’s debt payments. This year, we also introduced historic New York legislation to win debt relief, protect US taxpayers and address supply shocks.

With a pandemic crisis that continues in many developing countries, the war in Ukraine, rising cost of living and energy and food shortages - your support is needed for us to continue our efforts.

Over the next year, the G20, G7 and IMF make the next round of decisions regarding developing country debt, protecting our planet and global economic crises solutions.

Please join me and make a tax-deductible gift on #GivingTuesday so Jubilee USA continues our vital efforts on pandemic response, debt relief and winning solutions to prevent future crisis. Donations are doubled now.

In solidarity,

Eric LeCompte
Executive Director

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Won, Lost, Still Fighting for G20/IMF Pandemic Response: Lives, Livelihoods and Planet


In recent weeks world leaders met at the IMF, G20, World Bank and United Nations Climate Conference on decisions affecting our lives, livelihoods and planet. All of the decisions are more urgent given the Ukraine war and that the pandemic deepened poverty, inequality and crises around the world and across the United States.

In the earliest days of the coronavirus pandemic, we took action together. We mapped out a plan to win solutions to resolve the current crisis and prevent the next crisis.

Together - we won hundreds of billions in new aid and debt relief for pandemic response. We won new processes to lift the vulnerable, share vaccines, fight the impacts of climate change and resolve debt crises. We need to ask you to do more as we need more progress. Sign our petition to the IMF and G20 to cancel debt, expand crisis aid, bolster global healthcare and provide the resources to protect our planet.

Because of our work together, we won $230 billion for developing countries and another $100 billion in commitments (Special Drawing Rights). As of this week, we have a new fund for developing countries to fight the impacts of climate change. We won new tax and trade agreements. We gained debt relief for the world's most vulnerable countries and a new developing country debt process. Using bankruptcy legislation we won, Puerto Rico slashed its debt payments by two-thirds. Now, our historic legislation is introduced in New York to win debt relief, protect US taxpayers and address supply shocks.

Unfortunately, developing countries still face lost decades of development and aid and climate commitments are moving too slowly. The new debt relief processes are still not producing enough debt relief fast enough. We need to win hundreds of billions in resources to resolve the current economic and climate crises and meet the UN Sustainable Development Goals.

Thanks for your partnership,

Aldo Caliari
Senior Director of Policy and Strategy

PS. Now through #GivingTuesday and until the end of the year donations are doubled to Jubilee USA Network. Please make a gift now. 

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UN Climate Conference Agrees on Fund to Address Climate Change Impacts in Developing Countries


COP27 Agreement Asserts Climate Change Results in High Debts and Development Failures

Delegates from 200 countries closed this year’s UN climate summit, COP27, with an agreement to create a fund to compensate countries most vulnerable to climate change. The accord reached in Sharm el-Sheikh, Egypt, recognizes that climate-related damage contributes to growing debt burdens and hurts development in countries. 

"During the climate conference negotiations, the concept of loss and damage refers to negative climate change impacts that include extreme weather events, rising sea levels and destruction of forests," noted Eric LeCompte, a United Nations finance expert and leader of the religious development coalition Jubilee USA Network. "A number of countries have chronic debt problems that can be traced to the growing severity and frequency of natural disasters."

Future negotiations will determine the loss and damage fund parameters and set it in motion.

"When wealthy countries took and consumed natural resources from developing countries to fuel industrialization, it spurred global warming and climate change impacts like rising sea levels that developing countries can't stop alone," noted LeCompte. "This new climate fund can start to repay a climate debt that wealthy countries owe to developing countries."

Negotiators also reviewed progress on setting a new climate finance goal and reiterated the plan to finalize it by 2024. In a report commissioned by the COP presidencies of last year and this year, a group of experts estimated developing countries need $1 trillion annually to meet climate goals. Wealthy countries failed to meet a $100 billion annual climate finance commitment, promised in 2009.

“In order to get the resources we need to fight climate change we'll need debt relief, more money from development banks and other innovative sources of aid,” added LeCompte. “This is why G20 and IMF decisions are so critical to raising the resources we need to protect our planet, lives and jobs.”

Last year the Group of 20 decided to create $650 billion in IMF emergency currency or Special Drawing Rights. Developing countries' share was more than $230 billion and the G20 targeted $100 billion of the share wealthy economies received, to finance poorest members. Proposals on debt relief and scaling up loans from global development lenders are also on the group’s agenda. The G20 heads of state met in Bali, Indonesia, on November 15-16, while climate negotiations were still ongoing, and agreed to take action to limit temperature rises to 1.5 °C.

“The G20 commitment to limit global warming helped the Sharm el-Sheikh negotiations at a crucial moment when continuing the target was in doubt,” shared LeCompte. 


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