One hundred and twenty-five faith leaders across continents have marked the Catholic Church’s Jubilee year by issuing a call for G20 finance ministers to work for an end to a debt crisis crippling efforts to tackle poverty and action on climate.
The religious leaders argue in a letter to the finance ministers that the ‘Common Framework’ set up by the G20 in 2020 to restructure debts for low-income countries hit by the economic shock of the pandemic “is failing to produce the timely and adequate deals upon which millions of lives and livelihoods depend.”
The faith leaders say one critical element is private creditors being able to “delay negotiations” with low-income countries, leaving governments spending more on debts “than on health, education or life-saving climate measures”.
The letter – signed by cardinals, bishops and leaders of religious congregations, as well as representatives of different faiths – urges the G20 finance ministers meeting in Johannesburg between 26-27 February in the Jubilee year to embody the “Biblical practice of justice, mercy and reconciliation” by establishing a “fair and functional global debt system”.
Debt cancellation will become an even more urgent priority in light of the UK government's decision to cut overseas aid and the US government's freezing of USAID funds.
