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.

Jubilee USA Network was recently featured in LiveWire Calgary, as one of the groups representing interfaith communities and bringing the conversation around international debt relief and the 2025 Jubilee year to the G7 in Calgary. Read an excerpt below, or the full article here. 

Interfaith community offers alternative conversation on economy during G7

By: Aryn Toombs

Faith Leaders Share Focus of the Jubilee Year as Upholding Teachings of Popes St. John Paul II, Benedict XVI and Francis

Washington DC - The US Conference of Catholic Bishops and Jubilee USA Network wrote President Trump encouraging him to build on debt relief efforts from his first term to address poverty and stabilize food and fuel prices.

“Debt relief and restructuring make effective economic and security policy, strengthening our country’s global leadership,” shared Bishop A. Elias Zaidan, writing on behalf of US Catholic Bishops as Chairman of the Committee on International Justice and Peace and Eric LeCompte the Executive Director of interfaith development group Jubilee USA Network. "These policies, which cost us little, contribute significantly to the stability of our trading partners, reduce food and fuel prices here at home, and support American jobs and exports." 

The letter comes during the Holy Year of Jubilee 2025 celebrated by the Catholic Church and other Christian Churches and supported by interfaith groups. The year for Christians marks the anniversary of the birth of Jesus Christ as a time of reflection and action to address poverty. 

In 1997 ahead of the previous Holy Year of Jubilee 2000, Pope John Paul II and interreligious groups called world leaders to relieve the debts of poor countries. Faith groups would form a bipartisan campaign resulting in more than $130 billion in debt relief for developing countries to aid education, healthcare and other social services.

"Millions of kids could go to school and millions of people could receive healthcare because faith groups moved world leaders because of the Jubilee 2000 efforts," noted LeCompte who advises Catholic Bishop Conferences and other faith groups on economic policies in line with faith teachings.

In June, Pope Francis doubled down on John Paul's message calling for Jubilee 2025 as a time for debt relief and new economic processes to address poverty. Francis would reiterate the debt relief focus of Jubilee 2025 this past Christmas Eve, Christmas Day, New Year's Day and World Peace Day.

The letter from the Catholic Bishops and Jubilee USA sent to the White House thanked the President for successfully introducing new global debt relief initiatives and crisis responses during his first term that supported billions of people in the United States and around the world.

"On average, many developing nations currently spend more than 40% of their revenue on debt payments, while nearly 800 million people are hungry and almost 700 million live in extreme poverty," stated LeCompte.

Ahead of IMF, South Africa G20 and Canada G7 meetings, the letter to Trump highlights Pope Francis' call for a global bankruptcy-like process that echoes a scriptural call for financial stability. The US hosts the G20 in 2026 and the G7 in 2027.

“Faith groups are organizing for five years of advocacy to move world leaders on debt policies that protect the vulnerable and ensure the economy is working for everyone," noted LeCompte.

On December 23rd, with the Vatican, interreligious and development groups launched debt relief campaigns in 160 countries.

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 speaking on the costs of medical care and the cycle of debt. Read an excerpt below, or the full article here. 

‘This is a miracle to them’: How the church is helping to erase medical debt

By: Kimberley Heatherington

"Eric LeCompte — executive director of the Jubilee USA Network, a coalition of religious, development and advocacy groups that has secured more than $130 billion in debt relief for the world’s poorest economies — agreed.

“Knowing so many families who have struggled with being able to afford medical care, the No. 1 piece of advice that hospitals and pharmaceuticals and others are giving to people is, go start a GoFundMe in order to pay for your medical bills. I think that’s absolutely tragic — and in many ways, is actually sinful,” he said."

Read more here.

Washington, DC - Puerto Rico religious leaders sent a letter to Puerto Rico Governor Jenniffer González-Colón to avoid paying out billions in debt that creditors are suing the Puerto Rico Electric Power Authority over.

Judge Laura Taylor Swain, who has jurisdiction on the island's bankruptcy proceedings, initially ruled that bondholders had $2.4 billion in secured claims but a superior court ruled that such claims amount to $8.5 billion.

“The level of repayment bondholders demand can only be achieved through the redeployment of committed federal aid, Commonwealth funds or future revenues, all of which are needed by the Puerto Rican people,” said Archbishop Roberto O. González Nieves, of the Archdiocese of San Juan, and Rev. Heriberto Martinez Rivera, General Secretary of the Puerto Rico Bible Society writing also in his capacity as coordinator of the Ecumenical and Interreligious Coalition on the Debt of Puerto Rico.

The US territory reels from a devastating debt crisis and a series of natural disasters including hurricanes and earthquakes. The Catholic Archbishop and Evangelical leader stressed that using public money to pay private debt would unravel Puerto Rico's bankruptcy agreement and the island's chance to tackle the 60% child poverty rate.

“These creditors are playing a game that abuses the people of Puerto Rico,” said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. "The creditors want to be bailed out by taking away social services from the people of Puerto Rico."

PREPA operates at a loss, which means that it does not have the funds to repay bondholders unless the central government of Puerto Rico transfers funds for that purpose or the utility increases user fees. The payments would also come at the expense of much needed investments on upgrading the electric infrastructure.

The letter reminds the governor that in 2025 Christians celebrate a Jubilee Year whose focus is on debt relief for the benefit of all people around the world.

"Puerto Rico's religious leaders are following the call of this special Jubilee Year," noted LeCompte who advises the Vatican and Catholic Bishops Conferences around the world. "These unjust debts must be cancelled and we must prioritize ending child poverty."

Read the full letter here.

Eric LeCompte, Executive Director of Jubilee USA was recently featured in the National Catholic Reporter speaking on the push for debt relief during Jubilee 2025, amidst the hospitalization of Pope Francis and cuts to USAID. Read an excerpt below, or the full article here.

Despite pope's hospitalization and Trump's USAID cuts, Jubilee Year push for debt relief continues

By: Christopher White

Pope Francis may be hospitalized and U.S. President Donald Trump may be wreaking havoc on foreign aid, but one of the Catholic Church's leading crusaders for debt cancellation believes those factors are all the more reason to double down on efforts to alleviate poverty during Jubilee 2025. 

"The reality is that Pope Francis and the Catholic Church have already laid out the focus for the Jubilee Year on debt relief and economic relief to deal with poverty and climate issues," said Eric LeCompte, executive director of Jubilee USA Network, an alliance of faith-based development and debt-relief advocacy organizations.

Read more here.

Kenyan religious leaders roped in to tackle the country’s rising debt

By: Anthony Langat

Islamic Relief Kenya is arming faith leaders with the necessary knowledge to better advocate for sustainable financial decisions by the government in a bid to stave away the worsening debt crisis.

Read more here

Eric LeCompte, Executive Director of Jubilee USA was recently cited in Devex speaking on U.S.’s role in the World Bank and IMF under the new Trump administration. Read excerpt below and follow link to full article.

World Bank under Trump: Whats next for US Influence and funding? 

By: Adva Saldinger

Personnel choices will play a critical role in shaping U.S. policy towards the World Bank. During Trump’s first term, Malpass surprised many observers by not only negotiating a capital increase but later becoming the institution’s president.

Eric LeCompte, executive director of Jubilee USA Network, which works on debt and poverty issues, noted that early appointees to key Treasury Department roles indicate a belief in the U.S.’s role in the World Bank and IMF. But some key roles may take time to fill.

“There may or may not be different kinds of challenges to multilateralism,” he said, adding that, as before, engaging with the IMF and the World Bank will be important for the Trump administration.

Another early indicator of funding will be Trump’s first budget request. While Congress often disregards presidential budget requests, it can signal priorities and policies. How much money the administration requests for IDA, and how much Congress eventually approves will be a first key test. The Biden administration pledged $4 billion over three years at the IDA replenishment in December.

Read more here