Washington DC, November 5, 2021 – As climate talks continue in Scotland, new research shows that developing countries lack the resources to respond to the climate crisis. “The Glasgow meetings are critical to protect our planet and the poor who suffer the worst impacts of climate change,” said Eric LeCompte, Executive Director of the religious […]
Jubilee USA
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IMF: Wealthy and Poor Countries Face COVID Economic Challenges
Washington DC, October 12, 2021 – The IMF World Economic Outlook report lowered economic growth projections for wealthy and poor countries. The IMF forecasts 5.9% global economic growth. “What’s most striking is that we are looking at economies declining both in wealthy and poor countries,” said Eric LeCompte, the Executive Director of Jubilee USA Network. […]
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Treasury Notifies Congress of $650 Billion Emergency Reserves to Fight Global COVID Crisis
Washington DC April 1, 2021 – Treasury notified Congress of its support for $650 billion in IMF global reserves, also known as Special Drawing Rights (SDRs), to assist developing countries struggling with the coronavirus crisis. US law requires a ninety-day advance alert to Congress before the US votes for SDRs with the IMF board. “The […]
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International Cooperation Can Fight Corruption and Stop Tax Evasion, Say UN Experts
Washington DC, February 25, 2021 – A UN experts report offers 14 recommendations to stop the loss of trillions in public revenues. The UN group argues that money lost to transnational crime, corruption and tax avoidance could be used to address the pandemic, poverty and climate change. “The lack of transparency in the financial system […]
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Catholic Bishops Urge President Trump to Lead Global COVID-19 Debt Relief
Washington DC, April 9, 2020 – The US Conference of Catholic Bishops and Jubilee USA Network, an interfaith religious group, is urging President Trump to lead the G20 on coronavirus global debt relief plans. The groups argue debt relief immediately allows developing countries to bolster healthcare and survive economic crises. “As the G20 considers a […]
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Amidst Covid-19 Spread, IMF and World Bank Signal Debt Relief for Poor Countries
Washington, DC, March 24, 2020 – On Monday the heads of the IMF and World Bank stated support for debt relief for very poor countries as the coronavirus spreads. African Finance Ministers called for suspension of debt payments to free up $44 billion to fight Covid-19. Ecuador’s Congress also demanded its government stop paying debt. […]
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Unable to Access Recovery Loans, Puerto Rico Waits for Promised Federal Aid
Washington DC, Nov. 29, 2019 – According to FEMA, out of 9000 recovery projects requested for Puerto Rico since Hurricanes Maria and Irma struck in 2017, less than 190 projects received funding. Over the same period 3700 projects were funded in Texas and more than 3700 in Florida reports the New York Times. “Because of […]
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IMF Reports Dismal, “Uncertain” Economic Outlook
Washington DC, Oct. 15, 2019 – The International Monetary Fund downgrades global economic forecasts, calling the future of the economy, “precarious” and “uncertain,” with the release of the 2019 World Economic Outlook Report. “This is the most bleak economic outlook report that I’ve seen from the Fund,” noted Jubilee USA Director Eric LeCompte who monitored […]
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IMF Warns of Global Financial Crisis Risk
Washington DC, April 10, 2019 – For the second day in a row, the International Monetary Fund raised concerns of pending financial crisis. Ahead of the Spring IMF and World Bank meetings, the IMF released the Global Financial Stability Report, warning of “vulnerabilities” in corporate debt, house values and sovereign (country) debt. “We are seeing […]
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Puerto Rico and US Virgin Island Religious Leaders Issue Debt and Aid Statement As Trump Visits Islands
Washington DC October 3, 2017 – As President Trump visits Puerto Rico and the US Virgin Islands, island religious leaders are calling for aid, debt relief and measures to end child poverty. The statement is issued by San Juan’s Catholic Archbishop, Roberto González Nieves, St. Thomas’ Catholic Bishop Herbert A. Bevard and Evangelical Bible Society Head Reverend Heriberto […]
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House Repeals Dodd-Frank Transparency Provision, Senate Prepares to Vote by Friday
Washington DC February 1, 2017 – The US House of Representatives repealed a bipartisan transparency initiative that affects the oil, gas and mining sector by a vote of 235-187. The “Cardin-Lugar amendment” of the 2010 Dodd-Frank Wall Street Reform Act requires oil and mining companies to disclose financial activity and payments to governments in the […]
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House Poised to Repeal Global Anti-Corruption Measure
WASHINGTON, DC, Jan. 31, 2107 – Within the next 24 hours, the US House of Representatives could repeal a bipartisan transparency initiative that affects the oil, gas and mining sector. The “Cardin-Lugar amendment” of the 2010 Dodd-Frank Wall Street Reform Act requires oil and mining companies to disclose financial activity and payments to governments in […]