Jubilee USA Statement on IMF, World Bank Annual Meetings

Religious and Development Groups hold Press Conference at 2:15 PM, Outside IMF

The International Monetary Fund, World Bank, G20 and G7 conclude meetings this week focused on the global economy. The impacts of the pandemic, Ukraine war, inflation, developing country debt, food security and climate crisis are on the agenda.

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/World Bank Annual Meetings:

"As a global recession looms, we must take action more quickly.
"The war, rising interest rates and inflation are putting developing countries in an even more difficult situation.

"Ahead of the meetings, the IMF reported that the US and other large economies will see contractions and this impacts the entire global economy.

“Everyone is hurt by rising food and energy prices. The burden is greatest on the poor. 

"I'm concerned that some of the proposed solutions of austerity and higher interest rates will cause greater pain.

"As the dollar gets stronger, developing country debts become dangerously unsustainable."


Jubilee USA, IMF and World Bank Press Conference: Friday, October 14th, 2:15 PM, Community Park, outside of the IMF. Religious and development groups respond to the IMF and World Bank Meetings and International Monetary and Finance Committee (IMFC) outcomes. View the advisory here. Link to the online and in-person press registration here.

Find Jubilee USA's press release on the G20 meeting here.

Find Jubilee USA's October 14th and 15th interfaith vigil, press conference and teach-in details here.

Read Jubilee USA's press release on the World Economic Outlook and Global Financial Stability reports here.

Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here

Read Jubilee USA's press release on the IMF Food Shock Window here.