Washington DC – G20 finance ministers met during the IMF and World Bank Annual meetings with an agenda focused on global economic growth, economic challenges and debt. While the G20 failed to release a joint communique, they did issue a joint consensus statement on debt.
Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitors G20 meetings, releases the following statement on the G20 finance ministers meeting during the IMF and World Bank Annual meetings:
"The G20 is very concerned by sluggish economic growth, uncertainty in the economy and financial market vulnerabilities.
"This is the first time since 2020, when the pandemic raged, that the G20 released a separate communique on debt.
"The G20 acknowledges that unsustainable debt is a priority and we can't improve the economy and create jobs without addressing global debt.
"In 2024, developing countries spent $921 billion on just interest payments. That's more than a 10 percent increase from 2023 and 2025's numbers will be even worse.
"We see a consensus around the severity of debt payment challenges, but not yet a consensus on how to solve the debt challenges.
"Countries cannot borrow their way out of this crisis.
"High debts in developing countries mean we are facing a serious development crisis and low prospects of global economic growth.
"It is incredibly significant that the G20 agreed that borrowing countries need to have a bigger voice in shaping solutions to debt challenges.
"While the G20 couldn't agree on a joint communique, they came together around the debt issues.
"While we have a lot of work to do together, we have a strong G20 consensus that debt and financial crises must be addressed."
Read the full chair's statement and ministerial declaration on debt sustainability here.
Read Jubilee USA's press release on the IMF Global Financial Stability Report and World Economic Outlook report here.
Read Jubilee USA's statement on the IMF World Economic Outlook Report here.
Read Jubilee USA's statement on the Global Financial Stability Report here.
View and join Jubilee's events this week at the IMF, World Bank and G20 meetings here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here.
Read our Jubilee analysis on Pope Leo's first official teaching document “Dilexi Te,” released ahead of this week's meetings calling on world leaders to ensure the poor are at the center of economic decisions, here.