Pope Francis' Calls for IMF, G20 and World Bank Reform Loom Large After Death of Religious Leader

Washington DC – As world leaders gather for G20, World Bank and IMF meetings, the IMF forecasts historical low economic growth in its flagship World Economic Outlook report.

According to the IMF, while growth was previously low but stable after the pandemic and other shocks, the situation changed significantly since January of this year. The latest report predicts growth in the next two years will be 0.8% lower than it expected in January. The Fund took the rare step of making the projections in a “reference forecast,” based on information available as of April 4, noting that trade tensions in multiple countries increased uncertainty and make assumptions even more challenging.

"This report is bad news for the global economy,” 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 report is saying because of trade tensions, debt challenges and possible increases in inflation, we could lose the modest gains in economic growth we achieved.”

The IMF report finds that global debt continued to increase.

The passing on Monday of Pope Francis as faith communities celebrate a Jubilee year in which he had called for bold solutions to tackle the debt problems of the poorest countries, casts a shadow on the meetings.

Another IMF report released at the meetings, the Global Financial Stability Report underscored more economic risks and economic uncertainty. Highly indebted developing countries that faced the highest debt costs may now need to refinance at even higher costs.

“High debts in the poorest countries significantly contribute to financial instability everywhere," added LeCompte. “Pope Francis left us a message beyond good moral guidance. Francis' message for all of us was about good economics to benefit everyone.”

The IMF and World Bank main policymaking bodies, as well as G20 finance ministers, meet on Thursday and Friday.

Read Jubilee USA's statement on the IMF Global Financial Stability Report 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.

Read Jubilee USA's statement on the passing of Pope Francis who had focused this year's Church efforts on debt relief and IMF reform here.

Eric LeCompte, Executive Director of Jubilee USA was recently quoted in Reuters, speaking on the push to reduce the World Bank's equity-to-loan ratio amidst recent cuts to development aid in the U.S. and Europe. Read an excerpt below, or the full article here. 

World Bank urged to reduce equity-to-loan ratio to free up funds for poor countries

By: Andrea Shalal

"Jubilee USA Network, a religious development group, said it backs the push, and it urged the World Bank to act quickly.

"The World Bank can and should make this decision as soon as possible," said Eric LeCompte, the group's executive director and a United Nations adviser. "With the significant cuts we've seen from the U.S. and Europe on development aid, this action by the World Bank can fill this aid gap.""


Read more here.

Washington DC – The IMF releases the Global Financial Stability Report and raises significant concerns on the global economy.

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 the Global Financial Stability Report:

"The IMF is asserting we are facing severe risks in the financial system due to concerns with the banking system, possible stock declines and countries having unsustainable debts.

"The news of these IMF meetings is simple. Unless we start to address major risks to the financial system, our economy will get much worse."

Read the full Global Financial Stability Report 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.

Read Jubilee USA's statement on the passing of Pope Francis who had focused this year's Church efforts on debt relief and IMF reform here.

Washington DC – As world leaders arrive in Washington, DC for the IMF and World Bank Spring Meetings, the IMF releases its flagship World Economic Outlook report, where it warns of risks for the global economy.

Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitors IMF meetings since 2010, releases the following statement on the IMF Meetings and World Economic Outlook Report:

"This a report full of bad news for the global economy.

"The report is saying because of trade tensions, debt challenges and possible increases in inflation, we could lose the modest gains in economic growth we achieved.

"We have entered a high risk and low reward economy for most of us."

Read the full World Economic Outlook Report here.

Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here. 

Read Jubilee USA's statement on the passing of Pope Francis who had focused this year's Church efforts on debt relief and IMF reform here.

Eric LeCompte, Executive Director of Jubilee USA was recently quoted in Devex Newswire, speaking on Pope Francis' involvement in the issues of debt and financial crises, as well as his enduring legacy during the Jubilee year. Read an excerpt below, or the full article here. 

Devex Newswire: Jobs, nukes, and jitters at the World Bank Spring Meetings

By: Helen Murphy

"Pope Francis has died, but the priorities he championed live on.

“As the former Catholic leader of his home country Argentina, he spoke differently than past Popes on the issues of debt and financial crisis because of his experience. In Argentina, he saw first hand the impacts of poverty and debt crisis on his people," said Eric LeCompte, executive director of Jubilee USA, in a statement.

Earlier this year, Pope Francis made global debt relief and new processes to aid the poor the focus of the Jubilee year — a mission that “will continue as the central themes despite his death,” LeCompte said."


Read more here. 

Eric LeCompte, Executive Director of Jubilee USA was recently featured in Newsweek, regarding Pope Francis' lasting perspective on global debt relief and the Jubilee Year. Read an excerpt below, or the full article here. 

Pope Francis Death Update: Seals Placed on Pope's Residence

By: Brendan Cole

"In a statement to Newsweek, Eric LeCompte, executive director of Jubilee USA Network, which advises Vatican and Catholic Church leadership, said that Francis had appointed most of the current cardinals who will elect the next pope and so the direction he set for a more transparent and inclusive church, will continue.

As the former Catholic leader of his home country Argentina, where he saw firsthand the impacts of poverty on people, Pope Francis spoke differently than past popes on debt and the financial crisis because of his experience, LeCompte said.

"The focus that Pope Francis had announced for global debt relief and new processes to aid the poor for this Jubilee Year would continue as the central themes," LeCompte added. "The next Pope will likely share the same vision as Francis for our world and for the Church."

Read more here.

Washington DC - Pope Francis dies at the age of 88 at his Vatican residence, Casa Santa Marta.

Eric LeCompte, Executive Director of Jubilee USA was recently featured in Reuters speaking on IMF chief Kristalina Georgieva's curtain raiser speech and the renewed push for preemptive debt restructurings, ahead of the Spring 2025 IMF and World Bank meetings. Read an excerpt below, or the full article here. 

IMF chief hails new playbook to help countries navigate sovereign debt processes

By: Andrea Shalal

"Eric LeCompte, executive director of Jubilee USA Network, a coalition of religious, development and advocacy groups, welcomed Georgieva's renewed push for preemptive debt restructurings before countries got into deeper trouble.

He said the tsunami of tariffs imposed by the U.S. that were met with countermeasures from other countries, along with prospects for rising inflation, continued high debt levels and downgraded growth prospects threatened to hit middle-income countries particularly hard and could worsen debt issues.

He said debt experts were particularly worried about countries in Sub-Saharan Africa and parts of Asia, but even countries like South Africa, India and the Philippines faced challenges given their exposure to tariffs."

Read more here.

Inflation Poised to Rise in Some Countries

Highly Indebted Countries Most Affected by Uncertain Conditions

Washington DC - Economic growth will be lower and some countries face higher inflation amidst trade tensions, rising economic uncertainty and financial market stress, shared Kristalina Georgieva the head of the IMF. “We live in a world of sudden and sweeping shifts,” Georgieva said at the curtain-raiser speech ahead of the IMF, World Bank and G20 Spring meetings taking place next week.

“Higher costs, more inflation, lower growth and an uncertain economic outlook are serious problems,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network which monitors the IMF. "Poor countries, with high debts, are worst prepared to deal with the growing challenges of this global economy." 

Georgieva noted that global economic challenges negatively affect countries with high debt burdens. She recommended that countries restore debt sustainability and seek debt restructurings.

“Georgieva encourages all economies, big and small, to cut debts and raise revenues," stated LeCompte. "With the majority of the world's countries facing severe debt problems or crises, we need more efficient and predictable debt relief processes."

The IMF leader expressed that many people blame the international economic system for unfairness in their lives.

“When economic policies leave people behind, we eventually experience greater political challenges and economic uncertainty,” shared LeCompte. "History has taught us over and over again what happens when vast numbers of people are hurt by economic policies."

Read Kristalina Georgieva's curtain-raiser speech here.

Jubilee USA Network and Eric LeCompte, Executive Director of Jubilee USA, were recently featured in Catholic News Agency regarding the joint letter between the USCCB and Jubilee USA written to President Trump on debt relief, moving new forms of economic aid and changes to the financial system to address poverty and stabilize food as well as fuel prices. Read an excerpt below, or the full article here. 

U.S. bishops and Jubilee USA urge Trump to pursue debt relief during 2025 Jubilee Year

By: Tessa Gervasini

"The U.S. Conference of Catholic Bishops (USCCB) and Jubilee USA Network this week sent a letter to President Donald Trump urging him to pursue global debt relief initiatives that will economically serve both developing countries and the United States. 

In the letter, Bishop Abdallah Elias Zaidan, the chairman of the USCCB’s Committee on International Justice and Peace, and Eric LeCompte, the executive director at Jubilee USA Network, argued that “building on the successes” of relief initiatives introduced by Trump during his first term could lower global debt."

Read the full letter to President Trump from the US Conference of Catholic Bishops and Jubilee USA Network here.

Read Pope Francis' June Jubilee 2025 debt focus speech here.

Learn about the global Jubilee interfaith launches and December Holy See launch here.

Eric LeCompte, Executive Director of Jubilee USA was recently featured in OSV News regarding the joint letter between the USCCB and Jubilee USA Network written to President Trump on debt relief, moving new forms of economic aid and changes to the financial system to address poverty and stabilize food as well as fuel prices. Read an excerpt below, or the full article here. 

US bishops ask Trump in joint letter to pursue global debt relief in the Jubilee Year

By: Kimberley Heatherington

"In a world economy rocked by the whiplash of American trade tariffs that has spared few countries, the U.S. Conference of Catholic Bishops and Jubilee USA Network, an interfaith development group, have a proposition for President Donald J. Trump: Forgive some debts."

Read the full letter to President Trump from the US Conference of Catholic Bishops and Jubilee USA Network here.

Read Pope Francis' June Jubilee 2025 debt focus speech here.

Learn about the global Jubilee interfaith launches and December Holy See launch here.

Jubilee USA Network and Eric LeCompte, Executive Director of Jubilee USA, were recently featured in Catholic World News regarding the joint letter between the USCCB and Jubilee USA written to President Trump on debt relief, moving new forms of economic aid and changes to the financial system to address poverty and stabilize food as well as fuel prices. Read an excerpt below, or the full article here. 

USCCB committee chairman calls on President Trump to lead the way on international debt relief

"The chairman of the US bishops’ Committee on International Justice and Peace, joined by the executive director of the Jubilee USA Network, thanked President Donald Trump for his actions on behalf of international debt relief in his first administration and called for additional actions during the 2025 jubilee year."

Read the full letter to President Trump from the US Conference of Catholic Bishops and Jubilee USA Network here.

Read Pope Francis' June Jubilee 2025 debt focus speech here.

Learn about the global Jubilee interfaith launches and December Holy See launch here.