Vatican City, Rome, Italy – A Vatican-commissioned report authored by more than 30 experts provides recommendations on global debt relief and economic policy. The group was convened by the late Pope Francis.

“This report is a blueprint to solve the current global debt crisis, prevent future economic crises and create an economy that radically reduces poverty,” noted Eric LeCompte Executive Director of Jubilee USA Network and a Vatican advisor who is at the Pontifical Academy of Social Sciences for the report launch. "While debt relief and a just economy are at the center of Catholic teaching, this is the first report convened by a Pope that focuses on technical recommendations to achieve an economy that serves everyone."

Nobel Prize-winning economist Joseph Stiglitz and former Argentine Minister of the Economy, Martín Guzmán, led the work of the expert group.

Pope Francis reiterated the interfaith calls of Pope Benedict and Saint John Paul II on debt relief and economics, making these issues the focus of the Christian holy year of Jubilee 2025. Almost one year ago, LeCompte joined Pope Francis where the Pope delivered a hallmark speech on the needs for broad reforms on debt and the global economy. Pope Leo XIV continues the efforts of his predecessors. 

"Developing countries spent a record $1.4 trillion paying debt in 2023 and too many countries spend more on paying debt than they do on the urgent needs of their people," shared LeCompte who serves on United Nations debt expert groups. "In African and low-income countries, debt payments are two-thirds higher than their combined spending on health, education and social services."

According to the World Bank, more than 800 million people live in extreme poverty, over 100 million more that previously believed. The report calls for a range of reforms as a debt and poverty crisis that has been growing in the face of the pandemic, wars, cost-of-living and interest rate hikes rose to prominence in the agenda of global leaders in multiple forums. Proposals include greater transparency, IMF reforms, changes to laws in New York and the United Kingdom which govern private sector debt, improving debt contracts and an international bankruptcy system akin to the national bankruptcy courts that exist in most countries.

“This report can move the G7, G20, IMF and United Nations to make short-term decisions to address the current crisis and lay a foundation to prevent future crises,” stated LeCompte.

The first such gathering of world leaders comes days after the report release, as Spain hosts a UN-convened international conference on finance and development from June 30 through July 3. 

“The experts who wrote this report are a critical part of the global Jubilee movement, which includes advocates in pews, development groups, conservatives, liberals and people of every faith,” shared LeCompte. 

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

Learn about the global Jubilee interfaith launches and December Holy See launch for Jubilee 2025 here.

Read the report that goes live at 3:00 AM New York/DC time and 9:00 AM in Rome here.

Washington DC – The New York State Assembly ended their 2025 session without passing a debt regulation bill known as “Champerty." 

The bill that passed the New York Senate, but not the Assembly, would prevent companies from buying debt of poor countries with the purpose of suing. The legislation, A.643-A is sponsored by Assemblymember Jennifer Gonzalez-Rojas. Senator Liz Krueger sponsored the companion bill, S.1477 that passed the NY State Senate on June 4th.

“The Assembly failed to vote on a bill that deals with the worst exploitative actors in the financial system, the so-called predatory vulture hedge funds," said Eric LeCompte, Executive Director of the religious and labor coalition Jubilee USA Network that worked on New York debt legislation since 2010. “At a time when developing countries struggle with skyrocketing debt payments, changes in New York law could really help.”  

New York law oversees more than 50% of the world's private sector debt contracts with countries. The "Champerty" bill restores a protection for developing countries, that they previously had under New York law, to prevent predatory “vulture funds” from buying the debt of countries in crisis with the specific purpose of bringing legal action on the claim to collect in full.

The legislation also cuts the interest rate creditors can accrue on their claims until litigation concludes, disarming another way lenders profit from poor country crises.

“This is a sensible and modest initiative that helps countries abroad while alleviating food and fuel prices and supports job creation in the United States,” noted LeCompte.

The bill remains pending until the New York Legislature resumes next year.

Washington DC – The worsening conflict between Iran and Israel dominated the G7 Summit in Kananaskis, Canada. During the three-day heads of state meeting, a general customary communique was not issued. The group agreed on and released a joint “Statement on Recent Developments between Israel and Iran.” A focus for the leaders were discussions on the global economic situation, trade and debt.

“Debt crises are hurting the entire global economy and worsening poverty in too many countries,” said Eric LeCompte, the Executive Director of the religious development organization Jubilee USA Network. “For 25 years the G7 has led the way on debt relief and improving the financial system. We need the G7 to take leadership again.”

This month, the World Bank found that more than 800 million people live in extreme poverty, a number higher than previous estimates indicated. The number underscores the fragility of the recovery in many developing countries struggling with the post-pandemic aftermath and ensuing war, inflation and interest rate shocks. Religious groups are sounding alarms on these current financial and economic conditions as reported by the World Bank.

"Faith groups in more than 160 countries launched 5 years of debt relief campaigns during the religious Holy Year of Jubilee 2025," shared LeCompte who advises a multitude of interfaith groups. "In the days leading up to the G7 Summit, groups representing the majority of the world's faith traditions gathered in the Canadian Rockies to urge rapid action."

Faith leaders delivered more than 150,000 petitions to the G7 to end debt crises, prevent future crisis and make changes to the financial system to address poverty.

“The G7 cares about how debt impacts poverty and global financial stability," stated LeCompte who serves on United Nations debt expert groups. "Reducing unsustainable debts is on the G7 agenda because debt crises increase everyone's food and fuel prices and harm everybody’s economic security."

Read our Jubilee 2025 petition here.

Read the G7 Leaders' statement on recent developments between Israel and Iran here.

Calgary, Alberta – On Sunday, prime ministers and presidents of G7 countries begin three days of talks in Kananaskis, Canada. Recently elected Canadian Prime Minister Carney presides over the gathering that US President Trump will attend.

"As G7 leaders meet in the Canadian Rockies, we are wrestling with global economic uncertainty and debt challenges," stated Eric LeCompte, the director of Jubilee USA Network in Canada for the meetings. "The World Bank forecasts average global growth this decade to reach its lowest point since the 1960s."

Canada hosts the 50th Anniversary G7 gathering in a year that Pope Francis and interfaith leaders declared the focus of the religious Jubilee Year of 2025 on debt relief and changes to the economy to address poverty. Faith leaders from across Canada and around the world are in Alberta to deliver more than 150,000 petitions to address debt crises.

"Many wealthy countries are almost back to where they were before the pandemic hit, but most of the world's countries are predicted to take more than 20 years to recover," noted LeCompte who serves on United Nations debt expert groups. "Debt levels are rising as we experience challenges from high interest rates, cuts in development aid and uncertainty caused by tariffs."

Last month, G7 finance ministers reaffirmed the importance of facilitating debt contract clauses that protect countries against a range of crises. Canada is one of the creditors that recently began inserting debt payment pauses for climate disasters in its own lending. With other G7 countries, a number of development banks are extending such provisions to more of their borrowers.

“Improving debt contracts helps protect vulnerable countries facing crises," shared LeCompte. "Historically, the G7 has led the largest global debt relief initiative since the late 1990s and we need the G7 to enact more comprehensive debt solutions urgently."

P.S. Please make a donation to support our 5 years of Jubilee 2025 campaigns.