President Trump arrived in Buenos Aires on Thursday for the annual G20 meetings. While trade, climate and tensions with Russia dominated press coverage ahead of the meetings, financial crisis concerns are taking center stage during the two-day meetings. The International Monetary Fund released a series of reports in October warning new financial crisis could be on the horizon.
"The concerns are whether or not we've done enough to prevent the next financial crisis," stated Jubilee USA Executive Director Eric LeCompte who monitors the G20 and serves on UN finance expert groups. "There is broad agreement that the debts of many countries are out of control and we've not done enough to stop risky market behavior."
Recent analysis from the IMF and the UN Conference on Trade and Development suggest that a growing number of developing countries are wrestling with debt crisis. Almost 20 African economies are mired in unsustainable debts, according to the World Bank and IMF. On Monday, the IMF hosted Caribbean Prime Ministers and Finance Ministers to discuss debt concerns after the devastating 2017 hurricane season.
"During this year's G20, world leaders are discussing how small islands in particular are struggling with high debt loads in the face of natural disasters," said LeCompte who participated in Monday's IMF Caribbean meeting. "We are pushing the G20 to support debt relief when poor small islands are hit by hurricanes or other natural disasters."
Jubilee USA Network is an alliance of more than 75 US organizations and 650 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 0 billion in debt relief to benefit the world's poorest people.