Jubilee USA Network Releases Statement on Report and IMF Meetings

The IMF releases the 2022 Global Financial Stability Report raising concerns about Ukraine war impact, debt and risky business deals of financial technical firms.

Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who has monitored IMF meetings since 2010, releases the following statement on the IMF Global Financial Stability Report and the upcoming IMF meetings:

"Among the many threats to financial stability, we are most concerned by the Ukraine war, the health and economic crises caused by the pandemic, climate challenges and serious debt crises.

"The reports lays out concerns around how much sovereign debt is owed to banks. When these banks are based in a country facing a debt crisis, the crisis is more significant when you can't pay back the banks of your nation.

"Energy self-reliance for a country is clearly connected to renewable sources of energy.

"Rising inflation and tougher financial markets hit developing countries at a time when they still struggle with health and economic COVID crises.

"The IMF foresees energy and food security concerns will put at risk efforts to halt climate change.

"Digital banks and fintech companies need clear rules and more accountability to operate in the financial system without creating more risks to economic stability."

Read the IMF Global Financial Stability Report here.