Faith leaders from all over the world have called for the G20 to take “meaningful” motion to assist end a debt crisis affecting countries everywhere in the world.
The 125 faith leaders from different Christian denominations in addition to other religions noted that 2025 is a Jubilee yr within the Roman Catholic Church.
In the biblical law of Moses, the yr of Jubilee occurred every 50 years and marked a latest start for the entire community. Debts can be written off, slaves can be freed and property that had been sold can be returned.
In their letter to the G20, the religion leaders noted that personal creditors were often delaying negotiations to resolve debts with low-income countries, forcing them to spend more on servicing their debt than on health, education and climate measures.
G20 finance ministers met last week in Johannesburg, South Africa. The faith leaders called on the group to create a “fair and functional global debt system” that will display the “Biblical practice of justice, mercy and reconciliation”.
Maria Finnerty, Lead Economist at Catholic charity, CAFOD, said, “As a world debt superpower, with greater than 90% of debts owed by low-income countries to personal financial firms governed by English law, the UK government must show leadership this week by heeding the powerful words of religion leaders calling for meaningful debt reform.
“Tinkering around the sides is just not sufficient: the world needs functional debt resolution mechanisms that reduce debts right down to a genuinely sustainable level and stop predatory and irresponsible lending and borrowing.”
CAFOD said that reform was “especially urgent” following the recent decision by the Trump administration to freeze the highly controversial USAID funding and the British government’s decision to divert its international aid budget towards defence.
In their statement, the religion leaders said the situation is urgent for the poorest people all over the world:
“As faith leaders, we’re deeply troubled on the impact this current debt crisis is having on the lives of the poorest and most vulnerable internationally.”
They added, “This [is] leaving [debtor countries’] residents to endure hunger, lack of access to essential services, crumbling infrastructure and the worst impacts of the climate crisis.”
