Faith leaders from around the world have called for the G20 to take “meaningful” action to help end a debt crisis affecting countries all over the world.
The 125 faith leaders from different Christian denominations as well as other religions noted that 2025 is a Jubilee year in the Roman Catholic Church.
In the biblical law of Moses, the year of Jubilee occurred every 50 years and marked a new start for the whole community. Debts would be written off, slaves would be freed and property that had been sold would be returned.
In their letter to the G20, the faith leaders noted that private 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 would demonstrate the “Biblical practice of justice, mercy and reconciliation”.
Maria Finnerty, Lead Economist at Catholic charity, CAFOD, said, “As a global debt superpower, with more than 90% of debts owed by low-income countries to private financial firms governed by English law, the UK government must show leadership this week by heeding the powerful words of faith leaders calling for meaningful debt reform.
“Tinkering around the edges is not sufficient: the world needs functional debt resolution mechanisms that reduce debts down to a genuinely sustainable level and prevent 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 faith leaders said the situation is urgent for the poorest people around the world:
“As faith leaders, we are deeply troubled at the impact this current debt crisis is having on the lives of the poorest and most vulnerable across the world.”
They added, “This [is] leaving [debtor countries’] citizens to endure hunger, lack of access to essential services, crumbling infrastructure and the worst impacts of the climate crisis.”
