The IMF releases the Global Financial Stability Report and raises global concerns over continued inflation, the banking system and climate investments.
Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF meetings since 2010, releases the following statement on the IMF Meetings and the Global Financial Stability Report:
"The growing risks to financial stability are deeply concerning.
"Less financial stability means more conflict, more poverty and more crises.
"The IMF warns that inflation-fighting measures will need to continue.
"Some ways that we fight inflation, like raising interest rates, creates higher debt loads for countries and makes food too expensive for all of us.
"For the many developing countries at risk of debt crises, the IMF calls for preemptive debt restructurings.
"While the report could not consider the Israel and Gaza conflict, it does see the escalation of the Ukraine war as a financial stability risk.
"The loss of human life due to war and conflict is unacceptable. Beyond the deaths, conflict also hurts our global economy and the poor everywhere.
"High interest rates for extended periods will likely infect the banking system and impact all of us as borrowers cannot repay their loans."
"In developing countries, climate investments will need to rise to trillion per year by 2030. The IMF expects private finance will need to provide the lion’s share of that amount.
"Developing countries need resources to tackle climate change. If they don't, it will impact financial stability.
"All resources must be connected to zero emission targets."
Read the full Global Financial Stability Report here: https://www.imf.org/en/Publications/GFSR/Issues/2023/10/10/global-financial-stability-report-october-2023
Read Jubilee USA's statement on the IMF World Economic Outlook report here: https://www.jubileeusa.org/jubilee_usa_statement_on_imf_world_economic_outlook_report?utm_campaign=gfsr_statement_oct_23&utm_medium=email&utm_source=jubileeusa
Read Jubilee USA's press release on Annual Meetings agenda here: https://www.jubileeusa.org/leaders_debt_growth_morocco?utm_campaign=gfsr_statement_oct_23&utm_medium=email&utm_source=jubileeusa
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here: https://www.jubileeusa.org/imf_curtain_raiser_23?utm_campaign=gfsr_statement_oct_23&utm_medium=email&utm_source=jubileeusa
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 0 billion in debt relief to benefit the world's poorest people.