Watchdog Encourages Special Action for Poorer Countries Amid Economic Uncertainty

Jubilee USA made the following statement following last week’s meetings of the International Monetary and Financial Committee, the International Monetary Fund’s policymaking body:

Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitors IMF, G20 and World Bank meetings, releases the following statement on the IMFC and IMF and World Bank meetings: “Conversations focused on how the Middle East war negatively impacts debt, trade, poverty, financial stability, and food and fuel prices. The focus on determining what the IMF and World Bank could do to ease the economic blows, especially for the poorest countries, was important. More measures to support countries should have been agreed upon to expand financing, aid and debt relief. Improving sovereign debt resolution processes remains on the IMF’s agenda, as members welcomed changes to make debt restructurings more expedient and transparent. We expect the war to impact the way that the IMF looks at debt sustainability for many members. IMF members agreed on the need to raise funds for securing the low-cost lending window so the IMF can meet demand.”

Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world’s poorest people.