Jubilee USA Statement on World Bank and IMF Annual Meetings

Washington DC - World leaders, Finance Ministers, heads of corporations and development groups are meeting at the World Bank and IMF Annual Meetings.

Eric LeCompte the Executive Director of Jubilee USA, a religious development organization, releases the following statement on the IMF and World Bank Annual Meetings and the Communiqué of the International Monetary and Financial Committee:

"The International Monetary Fund released a series of frightening reports this week and expressed great concern for the global economy.

"The Fund warns of corporate debts that are so high, they can be a recipe for global financial crisis. Risky investing, trade tensions and developing countries borrowing too much are serious concerns for financial stability.

"Because of the serious concerns that the IMF is raising, their crisis prevention recommendations fall short of what we need to stop the next financial crisis. We must urgently move forward with both crisis prevention and resolution processes such as a global bankruptcy mechanism.

"While the IMF bolsters lending resources, it seems this is happening at the loss of quota reform. There is a critical democratic need for voting power to be more equally distributed among IMF members."

Read the Jubilee USA release on debt, Argentina, Ecuador and Somalia

Read the Jubilee USA release on the World Economic Outlook Report

Read Jubilee USA's release on the Global Financial Stability Report