World Leaders Meet for Spring IMF, World Bank and G20 Meetings (tags)
World leaders, finance ministers, business groups, academics and development organizations attend the Spring IMF, World Bank and G20 meetings.
Global Economic Losses Since Dawn of Pandemic Hit $3.3 Trillion (tags)
Since 2020, the global economy lost $3.3 trillion. The loss affected the most vulnerable countries hardest noted International Monetary Fund chief Kristalina Georgieva.
IMF Says Historic Low Growth and Sluggish Economy Will Continue (tags)
The IMF forecast 3.1% global growth in 2024, a fifth of a point increase on its October projection.
Leaders of Largest US and Puerto Rico Churches Urge Congress to Pass Same Level of Food an (tags)
Puerto Rico should receive the same nutrition assistance benefits, popularly known as food stamps, as US states receive, noted 28 major religious leaders from Puerto Rico and the United States.
Morocco G20 Finance Meetings Make Few Decisions on Crisis Response (tags)
G20 finance ministers met on global economic growth, debt, inflation, expanding development bank aid, the pandemic and other crises.
African Catholic Bishops: Marrakesh Meetings Should Act on “True Jubilee of Hope in Africa (tags)
World leaders attending the annual IMF, G20 and World Bank meetings should promote urgent debt relief, aid and lending policies to address the interlinked crises African countries face, noted a body that represents African Catholic Bishops.
IMF and World Bank Meetings Wrestle with Low Growth, High Interest Rates, Debt Crises and (tags)
As world leaders arrive for the Annual IMF and World Bank Meetings, the IMF forecasts the global economy to grow 3% this year, which remains below the average of growth for the two decades before the pandemic.
Jubilee USA Statement on IMF Global Financial Stability Report (tags)
The IMF releases the Global Financial Stability Report and raises global concerns over continued inflation, the banking system and climate investments.
Jubilee USA Statement on IMF World Economic Outlook Report (tags)
As world leaders arrive in Marrakesh for the Annual IMF and World Bank Meetings, the IMF releases its flagship World Economic Outlook report. The IMF projects the global economy to grow 3% this year, which remains below the average of growth for two decades before the pandemic.
World Leaders Focus on High Debt Levels and Poor Economic Growth as Morocco Meetings Begin (tags)
World leaders, finance ministers, business groups, academics and development organizations descend on Marrakesh, Morocco, for the IMF and World Bank Annual Meetings. IMF head Kristalina Georgieva reports that the global economy lost $3.7 trillion due to shocks since 2020 and that slow and unequal growth continues.
IMF Speaks: World Economy Loses $3.7 Trillion Due to Pandemic and Economic Shocks (tags)
As World Leaders Head to Morocco, IMF Leader Raises Growth and Debt Challenges
Pope Francis Releases "Laudate Deum" Ahead of Global Economy and Climate Meetings (tags)
Pope Francis urged international cooperation to tackle environmental crises, in a document released today. Laudate Deum – which in Latin means “Praise God” – is a follow-up to his 2015 Laudato Si, the most comprehensive Encyclical on climate and the environment.
IMF Forecasts Lowest Growth in Decades as World Leaders Descend on Washington for Meetings (tags)
Debt Roundtable Meetings Attempt to Break Impasse on Debt Relief From China and Private Sector
Davos: Crises, Developing Country Debt, WB Forecasts (tags)
World Bank Cuts Global Growth Forecast as Developing Countries Struggle with Debt
UN Climate Conference Agrees on Fund to Address Climate Change Impacts in Developing Count (tags)
COP27 Agreement Asserts Climate Change Results in High Debts and Development Failures
Biden and 90 Other Heads of State Descend on COP27 United Nations Climate Summit (tags)
Resources for Climate Action and Poor are Major Themes for Egypt Meetings
Hundreds of Billions in New Lending on the Table at Cote d’Ivoire Gathering (tags)
World Development Banks Meet for Third Annual Summit
IMF Predicts Global Economy to Lose $4 Trillion (tags)
The global economy is more fragile noted IMF Managing Director Kristalina Georgieva.
African Bishops Call for Debt Relief and Aid to Address Multiple Crises (tags)
G7 and African finance leaders should work together to remove the heavy burdens of debts in Africa, Catholic bishops and other faith leaders from the region said in Accra, Ghana, at the end of a two-day meeting.
IMF Provides Emergency Food Crisis Loans (tags)
The IMF launches the Food Shock Window to aid countries facing food shortages by expanding access to rapid, low-interest loans.
Congress Votes on Corporate Transparency Act (tags)
Washington DC - The House of Representatives scheduled a vote for 5:15 PM EST on the Corporate Transparency Act of 2019 (H.R. 2513). The bill reveals the true owners of "anonymous" shell companies to law enforcement.
IMF Issues Debt and Financial Crisis Warnings (tags)
As the Spring World Bank and IMF meetings begin, the IMF issued concerns over unsustainable debt and a possible financial crisis in two reports. African and Latin American debt experts are releasing new analysis of growing debt at the meetings.
IMF Warns of Global Financial Crisis Risk (tags)
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.
IMF Says Global Economy Faces a "Delicate Moment" (tags)
As world leaders, finance ministers, business leaders and development groups gather for the Spring International Monetary Fund and World Bank meetings, the IMF raises fresh concerns about the global economy. The IMF releases the biannual World Economic Outlook Report noting a slowdown in global growth and focusing on economic challenges that include unsustainable debt, trade tensions and the impact of natural disasters on the financial system.
Puerto Rico Debt Deal Receives Court Approval (tags)
Judge Laura Taylor Swain approved a deal to restructure $17 billion of Puerto Rico's $72 billion debt on Monday.
Fed Says College Students Have More Debt than Previous Generations (tags)
A study released from the Federal Reserve Board notes that 70 percent of college students are graduating with more than $37,000 in debt.
G20 Discusses Preventing Financial Crisis and Small Island Economies (tags)
President Trump arrived in Buenos Aires on Thursday for the annual G20 meetings.
Debt and Tax Policies Needed to Prevent Crisis Says Finance Watchdog Group (tags)
Financial institutions, experts and economists fear a new wave of financial crises hitting countries from Ghana to Italy.
President Trump: Hurricane Relief Should not Pay Puerto Rico Debt (tags)
According to a report from Axios, President Trump told advisers that additional hurricane relief monies should not be sent to Puerto Rico as the monies could be used to pay the island's debt.
Oversight Board Reviews New Fiscal Plan for Puerto Rico (tags)
Puerto Rico's oversight board reviews a new plan on economic growth and debt payments to the island's creditors in San Juan today.
Dark Clouds Gather on Horizon for Financial System, Warns International Monetary Fund (tags)
Bali, Indonesia -The International Monetary Fund releases its "Global Financial Stability Report" ahead of its Annual Meetings held this year in Southeast Asia.
IMF Lowers Global Growth Projections and Raises Concerns of Financial Crisis (tags)
Bali, Indonesia - The International Monetary Fund released the World Economic Outlook Report and lowered global growth projections to 3.7 percent for 2018 and 2019.
After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again (tags)
September 15th marks the ten-year anniversary of the Lehman Brothers investment firm collapse, symbolizing the onset of the 2008 global financial crisis.
G7 Hurricane Debt Relief Caribbean/Small Islands (tags)
“This is the first time that Finance and Development Ministers are meeting jointly at the G7 and they can promote solutions for when financial crises and humanitarian crises collide" note Eric LeCompte, Jubilee USA Network Executive Director.
Religious Development Group Advocates for New York Law to Stop "Vulture Funds" (tags)
Religious leaders, lawyers, academics and debt experts are meeting to discuss changing New York laws that govern debt contracts from Puerto Rico to Mozambique.
Puerto Rico and US Virgin Islands Disaster Relief Hangs on Senate Negotiations (tags)
Senate leaders say they are close to a budget deal to avert a government shutdown.
Religious Development Group Urges Stronger Corporate Reporting Standards (tags)
Jubilee USA, a religious development group, asked the Financial Accounting Standards Board (FASB) to require greater disclosure of what payments corporations make to governments where they operate.
Religious Groups Call for Aid and Debt Relief for Puerto Rico and Dominica (tags)
More than 130 faith communities across the United States are praying and acting for hurricane victims during religious services this weekend.
Jubilee USA: Antigua and Barbuda and Islands Dealing with Irma Should Stop Debt Payments (tags)
As Hurricane Irma heads to the US coast, a religious development group is calling for debt payments to be suspended until Antigua and Barbuda and other severely impacted Caribbean nations recover from the storm.
Consumer Bank and Credit Card Rule Under Threat (tags)
On Thursday, Members of Congress took aim at a new banking and lending rule from the Consumer Financial Protection Bureau.
Puerto Rico Board Meets on Anniversary of Debt Legislation (tags)
Puerto Rico's oversight board is holding its eighth public meeting in San Juan at the Sheraton Hotel Convention Center.
UN Forum Focuses on Financing for Development Goals (tags)
United Nations Deputy Secretary-General Amina Mohammed and the IMF's Christine Lagarde join world leaders for the Financing for Development (FfD) Forum at UN Headquarters.
Puerto Rico Bankruptcy Process Begins (tags)
Puerto Rico bankruptcy proceedings to restructure an over $70 billion debt begin on Wednesday in San Juan.
Consumer Bureau Escapes Congress Action to Remove Prepaid Rule (tags)
The Consumer Financial Protection Bureau (CFPB) escaped a May 11th deadline for Congress to void a rule designed to give prepaid card users similar protections as debit card users.
Puerto Rico Oversight Board Meets as Bankruptcy Deadline Approaches (tags)
Puerto Rico's oversight board meets on April 28th in New York and could authorize a bankruptcy process for the debt ridden island.
Puerto Rico Religious Leaders Call for Bankruptcy Ahead of "Vulture Fund" Deadline (tags)
Before May, protections expire that shelter Puerto Rico from debt lawsuits and predatory financial groups popularly known as "vulture" funds.
Global Economic Risks Ahead Warns International Monetary Fund (tags)
The International Monetary Fund (IMF) released its bi-annual report on global economic stability, warning that the financial system could face serious risks in the year ahead.
IMF Warns of "Protectionism" and Risky Investing (tags)
The International Monetary Fund (IMF) released its bi-annual report on the state of the global economy, predicting that global growth will continue steadily but slowly.
Puerto Rico Oversight Board Mediates Last Ditch Debt Negotiations (tags)
Within weeks, Puerto Rico will likely enter bankruptcy proceedings tailored by Congress specifically for the US territory.
Puerto Rico and Bondholders Agree on Electric Company Debt Deal (tags)
Puerto Rico’s electric utility company (PREPA) and bondholders reached an agreement to restructure $8.9 billion in debt, according to an announcement from the island's government.
Representative Doggett and Senator Whitehouse Introduce Legislation to Close Tax Havens (tags)
Representative Lloyd Doggett (D-TX) and Senator Sheldon Whitehouse (D-RI) introduced versions of the Stop Tax Haven Abuse Act in the House and Senate.
One Year Anniversary of Panama Papers Leak (tags)
More than 11 million documents were leaked from a law firm based in Panama a year ago today.
Puerto Rico Oversight Board Holds Economic Growth Meeting (tags)
Puerto Rico's Financial Oversight and Management Board meets in San Juan to discuss economic growth proposals for the island.
House Rejects Puerto Rico Healthcare Amendment (tags)
The House Rules Committee rejected an amendment that would allocate Medicaid funding to Puerto Rico at an equal level to US states.
Puerto Rico Religious Leaders Ask Congress to Pass Debt Crisis Actions (tags)
"As religious leaders in Puerto Rico, we urge you to act on behalf of the 3.4 million American citizens living on the island," wrote two prominent ministers to Congress about policies to help the debt-troubled island.
Puerto Rico Governor Releases New Fiscal Plan (tags)
Puerto Rico's Governor Ricardo Rosselló released a new fiscal plan that seeks to balance the island's budget by 2019.
Treasury Extends Anti-Money Laundering Luxury Real Estate Regulations (tags)
Treasury's Financial Crimes Enforcement Network (FinCEN) renewed requirements for title insurance companies to identify the real owners behind shell companies in six major metropolitan areas.
Congress Moves Slowly on Bipartisan Puerto Rico Recommendations (tags)
Congress has not acted on recommendations made by its Puerto Rico task force it implemented last year.
Trump Voids Dodd-Frank 1504 Transparency Rule (tags)
President Trump signed into law Congressional action to void requirements that the oil, gas and mining industries report financial activity in countries where they operate.
An Uncertain Future for the Consumer Financial Protection Bureau (tags)
The future of a federal consumer watchdog agency is uncertain amidst pledges to reduce the agency.
Puerto Rico Oversight Board Holds First Meeting (tags)
Independent Experts Monitor Puerto Rico Board and "PROMESA" Legislation
Mozambique President Meets IMF and World Bank As Debt and Corruption Concerns Loom (tags)
Mozambique President Filipe Nyusi is in Washington for a series of meetings with International Monetary Fund (IMF) Managing Director Christine Lagarde, World Bank President Jim Yong Kim, Secretary John Kerry and US AID's Gayle Smith.
New Report Finds Corporate Offshore Tax Avoidance a Growing Problem (tags)
According to a new report, secretive offshore tax avoidance practices are on the rise among multinational businesses.
US and Puerto Rico Faith Groups Send Congress Recommendations on Island's Crisis (tags)
Religious leaders in Puerto Rico and Jubilee USA urged a new Congressional task force to reform US laws to promote economic growth in Puerto Rico.
UN Summit Reaches Debt, Tax and Trade Agreements (tags)
Member countries of the United Nations Conference on Trade and Development (UNCTAD) renewed a mandate for the UN agency on economic issues. The agreement will guide UNCTAD's work for the next four years.
Holy See Calls on UN Development Summit to Build an Inclusive Economy (tags)
Cardinal Peter Turkson, president of the Pontifical Council for Justice and Peace, called on a United Nations development summit to address debt, tax, trade and environmental policies that impact poverty.
Negotiators Struggle for Agreement on Debt and Tax Issues at UN Development Summit (tags)
A United Nations global development summit begins its fourth day of difficult negotiations in Nairobi, Kenya.
Senate Faces Puerto Rico Vote Before July 1 Deadline (tags)
The United States Senate faces a likely vote on Puerto Rico debt crisis legislation this week. Puerto Rico's Governor, Alejandro García Padilla, called on the Senate to pass the bill by July 1, when the US territory owes a nearly $2 billion debt payment. The Puerto Rico Oversight, Management and Economic Stability Act passed the House on June 9.
Religious Leaders Ask Senators to Pass Puerto Rico Debt Legislation (tags)
Religious leaders from Puerto Rico and the US mainland meet with Senators to urge them to support legislation to restructure the island's debt.
House Passes Puerto Rico Debt Crisis Legislation Senate Poised to Pass Bill Before July 1 (tags)
The House passed Puerto Rico debt crisis legislation 297-127. The Puerto Rico Oversight, Management and Economic Stability Act now heads to the US Senate for approval.
Puerto Rico Archbishop Urges Congress, Governor and Creditors to Solve Debt Crisis (tags)
Ahead of a likely House vote this week, San Juan's Roman Catholic Archbishop, Roberto González Nieves OFM, announced his support for Puerto Rico debt crisis legislation in an op-ed to The Hill.
Consumer Protection Bureau Unveils New "Payday" Lending Rules (tags)
The Consumer Financial Protection Bureau releases new rules governing "payday" lending - high interest loans that impact low-income communities.
Puerto Rico Debt Bill Heads for Full House Vote (tags)
The House Committee on Natural Resources voted 29-10 to approve Puerto Rico debt legislation for consideration by the full House of Representatives.
Argentina Returns to Bond Market after Debt Settlement (tags)
Argentina returns to the bond market after 15 years with access to limited international financing.
House Republicans Convene to Discuss Puerto Rico Legislation (tags)
Speaker Paul Ryan is holding a special meeting with Republicans to discuss the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA). Ahead of the Republican special session, Jubilee USA sent a letter from its executive director advocating passage with key changes.
Puerto Rico Congressional Negotiations Intensify (tags)
The House Committee on Natural Resources is poised to release the newest draft of Puerto Rico legislation amid tense negotiations.
"Panama Papers" Release Highlights Need for US Shell Company Legislation (tags)
More than 11 million leaked documents from a major Panama-based "off-shore" law firm reveal how the global financial system enables corruption and tax evasion.
Congress Releases Draft Puerto Rico Bill to Address Financial Crisis (tags)
The House Committee on Natural Resources released draft legislation to address Puerto Rico's debt crisis.
Report Questions Florida Payday Lending Rules (tags)
A new report by the Center for Responsible Lending says “payday” lending fees cost Florida residents $2.5 billion over the past decade.
Supreme Court Hears Puerto Rico Bankruptcy Case (tags)
The US Supreme Court hears arguments on whether Puerto Rico's courts can restructure about $20 billion of the US territory's $72 billion debt.
Puerto Rico Governor Calls for Halt on Debt Lawsuits (tags)
Puerto Rico's Governor Alejandro García Padilla says Congress should put a hold on litigation against the indebted US territory until a proposed Congressional solution to its debt crisis is in place.
Argentina Lower House Repeals Laws to Support Hedge Fund Debt Deal (tags)
Argentina's lower house of Congress voted 165-86 to repeal two laws that blocked the country from settling its decade-long debt dispute with a group of "hold-out" investors.
Radio Spots Focus on Puerto Rico Crisis Ahead of Sunshine State Presidential Primary (tags)
A religious development organization is running radio spots focused on resolving Puerto Rico's debt crisis on 238 stations across Florida.
Jubilee USA Launches Puerto Rico Radio Spots Ahead of Super Tuesday (tags)
The religious development coalition Jubilee USA is launching radio spots focused on Puerto Rico's debt crisis ahead of "Super Tuesday" presidential primary elections.
US Judge Plans to End Argentina Debt Sanctions (tags)
US District Judge Thomas Griesa agreed to lift injunctions on Argentina that could pave the way to ending the country's decade-long debt dispute with "hold-out" hedge funds.
Former South African President Visits US to Stop "Illicit Financial Flows" (tags)
Former South African President Thabo Mbeki visits the United States February 16-19 to raise awareness on how the developing world loses money to corruption.
Puerto Rico House Approves Utility Reform Bill: Part of Proposed Debt Deal (tags)
Puerto Rico's House of Representatives approved legislation to reform its highly indebted public utility company "PREPA."
Congressional Hearing Examines Puerto Rico Debt Crisis (tags)
The US House of Representatives held its second hearing on Puerto Rico's debt crisis this year. The hearing focused on potential legislative solutions including bankruptcy protection and an economic oversight board
Donald Trump Criticizes Corporate "Inversions" During Presidential Debate (tags)
Donald Trump has criticized corporate "inversions" as "one of the biggest problems" facing the United States.
Argentina Negotiates Debt Dispute with "Holdout" Hedge Funds (tags)
Argentina begins negotiations with groups that sued the country for more than $1 billion after it's 2001 default.
Puerto Rico Plans to Default on New Year's Day (tags)
Puerto Rico plans to default on part of its $1 billion debt payment due January 1.
Puerto Rico Population Drops 10% Over Past Decade (tags)
Census Bureau estimates Puerto Rico's population shrinks by 10%, mostly during the island's financial crisis.
Congress Excludes Puerto Rico Bankruptcy Provision in Omnibus Bill (tags)
Extension of bankruptcy protection to Puerto Rico not included in Congress' omnibus budget deal.
At UN, Archbishop Calls for Puerto Rico Negotiations (tags)
Puerto Rico Archbishop Calls for Negotiated Settlement to Island Debt Crisis. Catholic Leader Asks "Vulture" Funds to Stop Lobbying Congress.
Supreme Court to Review Puerto Rico Bankruptcy (tags)
The Supreme Court announced it will review a lower court decision blocking Puerto Rico from restructuring portions of its debt under the Puerto Rico Recovery Act.
G20 Focuses on Paris Attacks and Economic Stability (tags)
G20 Calls on Congress to Pass IMF Voting Reform
Hedge Fund Threatens Trade Tribunal to Sue Peru for Old Military Debt (tags)
A US hedge fund is threatening to sue Peru for $5.1 billion over decades-old military debts it bought.
Pope Francis Calls for UN to Address "Oppressive" Lending (tags)
Puerto Rico’s Religious Leaders Call for Debt Relief and End to Austerity (tags)
Puerto Rico’s religious leaders called for debt relief in the face of the $72 billion financial crisis burdening the Caribbean US territory. At a press conference in San Juan, leaders of the principle religious groups laid out six principles to resolve the crisis.
United Nations Votes for Global Bankruptcy Principles (tags)
CFPB Fines Predatory Student Lending Practices; Religious Organizations Pray for Relief (tags)
Synagogues and churches held prayer services for students as the Consumer Financial Protection Bureau fined Discover Bank $18.5 million for illegal student lending practices. The bank must repay students $16 million, pay a $2.5 million civil penalty and reform its lending practices. The Bureau accused Discover of overstating the minimum amount due in billing statements, misrepresenting students' total interest payments and engaging in illegal debt collection practices. The penalty is the first of its kind by the Bureau against a student loan company. "This fine sends a strong message to companies that take advantage of students," said Eric LeCompte, executive director of the religious anti-poverty coalition Jubilee USA Network, which advocates for responsible student lending policies. "Predatory lending traps students in debt." This past weekend, 64 faith communities from 26 states prayed and acted for fair student lending policies as part of Jubilee USA's national interfaith "Jubilee for Students" prayer event. In 2012 and 2013, the event pushed congressional legislation to stop federal student loan interest rate increases.
Pope Francis Calls for Global Bankruptcy Process (tags)
Pope Francis called for an international bankruptcy process in a news conference as he left Latin America on Monday. According to the Associated Press, when asked about the Greek debt crisis, Francis stated, "if a company can declare bankruptcy, why can't a country do so and we go to the aid of others?" Francis offered further comments noting that too many countries are struggling with high debts and he suggested a United Nations bankruptcy proposal could be the solution.
Greek Voters Reject Financing Plan (tags)
Article on recent election in Greece, concerning its debt.
Nepal Conference Hopes to Raise $6.6 Billion in Post Earthquake Aid Debt Relief Could Be (tags)
Nepal Conference Hopes to Raise $6.6 Billion in Post Earthquake Aid Debt Relief Could Be Part of Nepal Recovery Plan
"Fast Track" Hurdles and Development Concerns Remain After House Trade Votes (tags)
G7 Raises Alarm on Shadow Banking System (tags)
Jubilee USA Network, G7 Summit, Global Stability
At G7 Summit Trade and Debt Policies Take Center Stage; Bishops Call on G7 to Enact Global (tags)
G7, Jubilee USA Network, Debt
FIFA Scandal Highlights Corruption in Global Financial System ;US Banks Named Too (tags)
FIFA, Money Laundering,World Cup, Jubilee USA Network
G7 Finance Ministers Focus on Growth in Face of High Debt (tags)
Washington DC - G7 finance ministers gather in Dresden, Germany, to discuss promoting "sustainable growth" in the face of growing global debt. US Treasury Secretary Jacob Lew is among the ministers gathering. The meeting takes place amid debt crises in the Eurozone and the developing world. The ministers meet after the International Monetary Fund (IMF) reported slow economic growth and increased debt burdens during the IMF/World Bank Spring Meetings. "It's impossible to experience sustainable growth, when wealthy and poor countries are struggling with unsustainable debts," stated Eric LeCompte, Executive Director of Jubilee USA Network, who is in Dresden for the meetings. The finance ministers gathered in Dresden include Joe Oliver of Canada, Michel Sapin of France, Wolfgang Schäuble of Germany, Pier Carlo Padoan of Italy, Taro Aso of Japan, George Osborne of the United Kingdom and Jacob Lew of the United States. Jubilee USA joined Jubilee Germany in Dresden for several G7 outreach events organized on the growing debt crisis.
Devastated Nepal Daily Pays $600,000 on Debt (tags)
Nepal underwent another earthquake on May 12 amid recovery from the April 25 quake. It owes billions of dollars of debt to the World Bank, the Asian Development Bank, the International Monetary Fund and foreign lenders. Anti-poverty organization Jubilee USA Network states that debt relief would aid Nepal's recovery efforts.
Governments Negotiate UN Agreement on Global Development (tags)
The United Nations, International Monetary Fund (IMF), World Bank and finance ministries are meeting in New York to finalize an agreement for the Financing for Development Conference (FfD) to be held in Addis Ababa, Ethiopia, in July
World Bank and IMF Announce $1.1 Billion in Debt Relief for Chad (tags)
The International Monetary Fund (IMF) and the World Bank announced $1.1 billion in debt relief for Chad. The money comes through the IMF and World Bank's two major debt relief programs: the Heavily Indebted Poor Country Initiative (HIPC) and the Multilateral Debt Relief Initiative (MDRI). Chad is the 36th country to receive HIPC relief and the first since 2012. Chad is the fourth-least developed country in the world. More than half its population lives in poverty.
Aftershocks Pummel Highly Indebted Nepal: Poor Country Spends 217 Million Annually on Debt (tags)
As Nepal experiences aftershocks from Saturday's earthquake, it may find relief in the IMF's Catastrophe Containment and Relief Trust, a fund that cancels the debt of poor countries in crisis.
World Bank Announces Package of Aid and Loans to Ebola-Affected Countries (tags)
The World Bank announces $650 million in new concessional loans and grants for Liberia, Guinea, and Sierra Leone at the start of the Spring IMF and World Bank Meetings.
Grenada Reaches Debt Deal as Caribbean Mired in Debt Problems (tags)
Grenada Could Influence Global Debt Negotiations
African Mayors Call for Debt Cancellation for Ebola-Stricken West Africa (tags)
G20 Moves Forward on Ebola Debt Relief Plan.
US Brings Jubilee Ebola Debt Relief Request to G20 (tags)
Treasury Secretary Lew Brings Jubilee USA Request for Debt Relief for Ebola-Stricken Countries to G20. US Seeks to Move IMF to Cancel $100 Million in Debt for Sierra Leone, Liberia and Guinea.
Debt Payments Dwarf Reconstruction Aid on Philippine's Typhoon Haiyan Anniversary (tags)
Religious, Development and Environmental Groups Petition World Bank for Debt Relief
Hedge Fund Seeks Sanctions Against Argentina (tags)
Judge Gives Court-Appointed Mediator More Power to Resolve Dispute
IMF Annual Meetings Focus on Inclusiveness and Global Job Growth (tags)
"The risks the IMF raises are real. We need to address inequality if we are going to grow the global economy," said Eric LeCompte, Executive Director of the religious anti-poverty organization, Jubilee USA.
International Monetary Fund Releases Plans to Stop Predatory Hedge Funds (tags)
The International Monetary Fund (IMF) released new proposals for preventing predatory hedge funds and hold-out investors from blocking debt restructurings. The paper proposes a series of reforms to debt contracts, including strengthened collective action clauses and a modification of the pari passu clause that hold-out hedge funds used to sue Argentina.
UN Vote Tuesday Could Create Global Bankruptcy Process, Deter Predatory Funds (tags)
The UN General Assembly votes Tuesday at 3pm (EDT) on a resolution that could create a global bankruptcy mechanism. Such a process could protect poor countries from predatory funds and limit future defaults. Jubilee USA's leadership, a group of religious leaders and financial experts sent a letter to United States UN Ambassador Samantha Power urging her to support the resolution.
UN Treaty Could Enact Global Bankruptcy Process and Stop Predatory Funds (tags)
The UN General Assembly votes Tuesday on a convention that could enact a global bankruptcy process and stop predatory hedge funds. Bolivia proposed the resolution that if voted upon is expected to pass by a majority. The executive board officers of Jubilee USA sent United States UN Ambassador Samantha Power a letter urging her to support the resolution. Jubilee's 400 US faith communities are holding the Ambassador in prayer as she prepares to vote.
Banks and Investors Challenge Predatory Funds Solutions Fall Short of Comprehensive Prot (tags)
The International Capital Market Association (ICMA), a group of banks and investors, released a new debt framework this morning aimed at reducing the ability of predatory funds and holdout investors to undermine debt restructuring. The plan was created after meetings convened by the US Treasury Department in the wake of Greece's debt restructuring and comes in the aftermath of the landmark debt case between Argentina and NML Capital.
Banks and Investors Call for New Debt Rules In Wake of Argentina Hedge Fund Case (tags)
The International Capital Market Association (ICMA), a group of banks and investors, will call Friday for reforms aimed at preventing repeats of the Argentina/NML Capital debt dispute.
Argentina Braces For Default (tags)
Argentina is likely to default barring a last-minute breakthrough in negotiations with hold-outs or a court order. Argentina's grace period to pay bonds restructured after its 2001 default expires July 30th. Predatory funds and hold-outs may use court ruling to target Grenada and the Democratic Republic of Congo.
Argentina Debt Payments Blocked by US Court (tags)
The Argentine government announced Thursday that it transferred funds to the Bank of New York Mellon to pay the 92% of bond holders who restructured after Argentina's 2001 default.
IMF Paper: Corporate Tax Avoidance Hurts Global Economy and Poor Countries (tags)
The International Monetary Fund (IMF) released a staff paper noting that corporate tax avoidance negatively impacts all economies, but hurts developing countries the most. The IMF's release comes as the G20, the Organization for Economic Cooperation and Development and United Nations bodies seek vehicles to diminish corporate tax avoidance.
IMF Releases Paper on Ending Predatory Behavior (tags)
The International Monetary Fund (IMF) officially released a major paper focused on increasing stability in the financial system and preventing predatory hold-out behavior in debt restructuring.
Argentina Responds to Supreme Court with Debt Swap Plan (tags)
In reaction to an adverse Supreme Court ruling against Argentina, President Cristina Fernández de Kirchner announced that Argentina would offer new bonds to its creditors governed under Argentine law. The proposed debt swap would involve the 92% of the country's creditors that agreed to restructure in the wake of the country's 2001 default. While the debt swap proposes an alternative for the South American country to avoid paying hold-outs, it fails to reverse the global implications on debt markets, debt restructuring and financial stability.
Supreme Court Refuses Argentina Debt Case (tags)
Supreme Court Refuses Argentina Debt and Validates Hedge Fund Predatory Behavior
Argentina Battles in Two World Cups (tags)
While National Team Prepares to Face Bosnia, Government Fights Hedge Funds at US Supreme Court
IMF Reviews International Financial Crises Solutions (tags)
As the IMF reviews solutions to international financial crises, religious and development groups urge reforms to protect the poor.
Argentina Files Final Response Urging SCOTUS to Accept Predatory Hedge Fund Debt Case (tags)
Argentina filed its final Supreme Court response to hedge fund NML Capital urging the high court to take the case that the Financial Times calls "the debt trial of the century." Jubilee USA filed an Amicus Curiae brief in March noting that the precedent in the case will impact debt restructurings, poor country access to credit and debt relief programs designed to help people living in extreme poverty. The US government and the International Monetary Fund support Argentina. On June 12th, the Supreme Court is scheduled to discuss whether or not it will hear the case.
Global Jubilee Movement Meets Pope Francis (tags)
Pope Francis welcomed members of the global Jubilee movement to the Vatican on Wednesday as they were received for high level meetings with Vatican Secretary of State Cardinal Pietro Parolin and Cardinal Peter Turkson, head of the Pontifical Council for Justice and Peace. The Catholic Church, various Christian Churches, Jewish groups and trade unions founded the global Jubilee campaign that successfully cancelled more than 130 billion dollars in sovereign debt and has won tax policies to benefit people living in the poorest countries of the world.
Caribbean Religious Leaders Demand Debt Forgiveness (tags)
Caribbean religious leaders gathered in Grenada last week to demand an end to austerity and debt policies harming poor communities in the region.
Supreme Court Hears Argentina Predatory Hedge Fund Discovery Case (tags)
High Court Decision to Hear Broader Landmark Debt Case Pending
79 Religious and Development Institutions Join SCOTUS Filing in Argentina/NML Capital Case (tags)
Jubilee USA Network, a religious anti-poverty coalition, along with 78 other religious and development groups filed with the US Supreme Court in the case between Argentina and NML Capital
Jubilee USA Files to Supreme Court in Landmark Debt Case (tags)
75 Religious and Development Institutions Join SCOTUS Brief to Ensure Global Poor are Heard
Argentina Requests Supreme Court Reverse Federal Court Rulings that favor Predatory Hedge (tags)
Argentina officially requested that the US Supreme Court hear an appeal in a debt case that will impact people living in extreme poverty around the world. The case dates back to Argentina's 2001 default, after which 92% of all Argentine bond holders restructured their defaulted debt. Predatory hedge fund, NML Capital leads a small group of holdouts who won judgments for payment in lower US Courts. NML Capital never invested in Argentina and bought the debt cheaply after Argentina's default. Because sovereign lending is contracted in the United States, the precedent the case sets impacts some of the poorest economies around the globe and allows these hedge funds to target assets that benefit poor people. The International Monetary Fund, the Paris Club, legitimate investors, the US and most governments oppose this predatory behavior because it cancels the benefits of debt relief, makes sovereign debt restructuring more difficult and limits credit to poor countries.
Jubilee USA Urges Business and Political Leaders at World Economic Forum to End Corporate (tags)
Washington, DC - Heads of state, financial ministers, celebrities and representatives from many of the worlds most powerful corporations are meeting in Davos, Switzerland for the 2014 World Economic Forum.
Pope Francis Sends Poverty Message with Selection of New Cardinals (tags)
Yesterday, Pope Francis appointed nineteen new Cardinals from around the world. Sixteen of the nineteen are eligible to vote for the next Pope. There were no new Cardinals selected from the United States.
Jubilee USA Applauds FATCA Agreements between United States and Isles of Man, Jersey and G (tags)
On December 13th, the Isles of Man, Jersey and Guernsey signed an intergovernmental agreement with the United States to improve international tax compliance and implement the Foreign Account Tax Compliance Act (FATCA), a US federal law designed to combat offshore tax evasion. The Isles signed a similar agreement with the United Kingdom in October.
Philippines’ Foreign Debt Payments Dwarf Relief Aid After Typhoon Haiyan (tags)
More than a month after Typhoon Haiyan devastated the Philippines, the country has paid approximately $900 million in debt repayments—more than twice as much as it’s received in pledged aid from countries around the world to support the recovery effort.
EU Fines Financial Institutions $2.3bn Over Manipulation of LIBOR, One of Largest Banking (tags)
The EU recently handed down billions of Euros in fines for eight large financial institutions because of their role in rigging benchmark banking interest rates.
Philippine Debt Repayments from Marcos Regime Overshadow Typhoon Relief Funds (tags)
Two weeks after Typhoon Haiyan devastated the Philippines, the world has responded with astounding generosity, donating tens of millions of dollars to aid in the recovery effort--$37 million from the United States government alone. Unfortunately, since the typhoon struck on November 8th, the Philippines has spent more than $310 million paying off overseas debts, and it will spend a total of $6.7 billion this year alone. Some of those debts are from the corrupt and abusive regime of Ferdinand Marcos.
International Monetary Fund Reviews International Bankruptcy Process for Sovereign Countri (tags)
International Monetary Fund Reviews International Bankruptcy Process for Sovereign Countries
IMF Secures Windfall Gold Sales Profits for Concessional Lending to Low-Income Nations (tags)
On October 10, 2013, the International Monetary Fund announced that member countries have approved their commitment to fund the Poverty Reduction and Growth Trust (PRGT) for concessional lending. Financing comes from windfall profits made from the IMF selling part of their gold reserves that currently totals $3.4 billion. Currently, the IMF provides zero-interest financing to low-income nations through this fund.
G20 Focuses on Debt, Taxes, Corruption, Syria and IMF Quotas (tags)
G20 Focuses on Debt, Taxes, Corruption, Syria and IMF Quotas
Declaring Syria Regime Illegitimate Sends Strong Human Rights Message and Exposes Lenders (tags)
Over the last year, a religious antipoverty organization has met with U.S. Treasury and White House officials to encourage them to declare the Syrian government of President Bashar al-Assad an illegitimate government. This action would impose restrictions on lending to Syria that supports its military or the needs of the Assad regime. When governments or financial institutions make this declaration it lets lenders know that if they lend to Syria they may not receive a return on their investment. Types of lending and financing that could be affected are arms contracts with Russia and oil investment from Iran.
Norwegian Audit Finds Loans to Developing Countries Don’t Follow New Lending Standards (tags)
Pope Francis Concern for Poor Drives Review of Vatican Bank (tags)
Jubilee USA Executive Director Releases Statement on Pope’s Focus on Corruption and Illicit Capital Flight Impacts on Poor
Argentina Payment Plan Would Protect Poor Hedge Fund Holdout - NML Capital - has Until Apr (tags)
Faith Groups Call on Congress to Protect Student Loans (tags)
Debt Relief Still Failing (tags)
Despite the fact that thousands die daily as a result of international debt, a leaked IMF and World Bank report shows that they will refuse to provide significantly deeper and broader debt cancellation for impoverished nations at their Annual meetings this September.