IMF Forecasts Low Growth, High Debts and Prices (tags)
Ahead of IMF, World Bank and G20 Meetings, IMF Head Delivers Views on Global Economy
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.
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.
Brazil Chairs G20 and Vows to Address Poverty, Hunger and Climate Change as Finance Minist (tags)
The Brazilian Presidency of the G20 hosts finance ministers for their first G20 meeting this year.
COP28 Climate Summit Negotiations Focus on Commitments for Developing Countries to Adapt a (tags)
Most Developing Countries Spend More on Debt Service than on Addressing Country Climate Crisis Challenges
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.
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
G20 Finance Ministers Focus on Debt, Development and Dismal Economic Outlook in Gandhinaga (tags)
On Monday, G20 Finance Ministers hold their third meeting hosted in Gandhinagar by the Indian government.
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
Global Growth Remains Low Amidst Debt Concerns, War and Inflation, Says IMF (tags)
Press release.
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.
Pope Francis and World Leaders Call for Inclusive Economy (tags)
Pope Francis addressed a small group of Finance Ministers, the head of the IMF and noted economists urging the creation of new global debt and tax policies that can reduce inequality and end poverty.
Pope Francis: Mauritius Reject "Idolatrous Economic Model" (tags)
Reject your "idolatrous economic model," were the words Pope Francis addressed Mauritius' political leaders with on Monday.
United Nations Calls for Mozambique Disaster Aid as Country Wrestles with Illegal Debt (tags)
Washington, DC - On Thursday, UN Secretary General Antonio Guterres called for more relief aid to be sent to disaster-recovering Mozambique. The country is reeling from two devastating cyclones and wrestling with debts that Mozambique's high court calls illegal.
Disaster Relief Fails to Pass House of Representatives for Third Time (tags)
The disaster relief bill with support for Puerto Rico fails for a third time. Eric Lecompte, Executive Director of Jubilee USA, responded.
UN Forum Wrestles with Funding Development (tags)
After months of negotiations and four days of formal meetings, the United Nations voted on development policies at the fourth UN Financing for Development Forum. The UN meetings convene world leaders, ministers, governments, the IMF, World Bank and development groups. The annual process attempts to implement the 2015 Addis Ababa Action Agenda, an international agreement that includes policies on debt, tax, trade, transparency and aid.
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.
Judge Delays Ruling on Puerto Rico Debt Deal White House Opposes Island's Food Assistance (tags)
On Thursday, Judge Laura Taylor Swain delayed approval of a $17 billion debt deal between Puerto Rico "COFINA" creditors and the island's oversight board.
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.
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.
Senate Bill offers Debt Relief for Puerto Rico (tags)
New Senate legislation offers additional options for Puerto Rico to cut its debt. Senators Elizabeth Warren (D-MA), Bernie Sanders (I-VT), Kirsten Gillibrand (D-NY), Ed Markey (D-MA) and Kamala Harris (D-CA) introduced the US Territorial Relief Act. If Congress passes the act, US Territories that experience natural disasters could qualify for debt relief.
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.
UN Forum Wrestles with Economic Policies 10 Years After Financial Crisis Islands Call for (tags)
Officials from governments, the IMF, World Bank, the private sector and NGOs meet this week at the United Nations for the Financing for Development (FFD) Forum.
Puerto Rico Governor and Oversight Board Spar on Fiscal Plan (tags)
The certification of a plan to get Puerto Rico out of debt and back to economic growth was delayed again this week.
Government Shutdown Solutions Could Leave Out Disaster Aid for Puerto Rico (tags)
As the Senate and White House struggle to avert a government shutdown, US disaster victims from Puerto Rico to Texas worry a deal on relief and recovery aid will continue to be delayed.
Congress Tax Reform Package Could Harm Poor, Warns Religious Development Group (tags)
As the Senate pushes tax reform, the head of a religious development group expressed concern over parts of the House and Senate proposals that could harm low income people in the United States and people in the developing world.
IMF and World Bank Meetings Begin With Growth Forecasts and Crisis Risk Warnings (tags)
The International Monetary Fund (IMF) and World Bank begin their annual meetings which run between October 13th and 15th.
IMF Reports Global Growth and Releases New Ways to Predict Economic Crisis (tags)
The International Monetary Fund (IMF) releases its biannual report on global economic stability and presents new indicators it says can help predict financial crisis.
Trump Calls for Puerto Rico's Debt to be "Wiped Out" (tags)
In an interview with Fox News on Tuesday, President Trump called for Puerto Rico's debt to be wiped out.
Hurricane Maria Slams Dominica and Heads Towards Puerto Rico (tags)
Caribbean islands recovering from Hurricane Irma, now confront Hurricane Maria.
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.
European Union Votes on Corporate Transparency Regulations (tags)
The European Parliament is set to vote on landmark corporate transparency rules known as "country-by-country" reporting.
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.
G7 Could Move Financing for Famine Relief, Says Religious Development Group (tags)
As G7 leaders continue to meet in Taormina, Italy, relief groups like Oxfam International are intensifying calls for aid monies to address famine.
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 Religious Leaders Write Judge as Bankruptcy Process Begins (tags)
Puerto Rico religious leaders sent a letter to Judge Laura Taylor Swain as she presides over the first bankruptcy proceeding in San Juan to restructure more than $70 billion in debt.
Puerto Rico Bankruptcy Process Begins (tags)
Puerto Rico bankruptcy proceedings to restructure an over $70 billion debt begin on Wednesday in San Juan.
Puerto Ricans Gather at Diaspora Summit as Island Begins Bankruptcy Process (tags)
Puerto Ricans from across the United States and the Caribbean island are meeting in New York City to discuss the island's economic crisis.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
US Judge Explores Lifting Argentina Sanctions After Country Offers $6.5 Billion (tags)
US District Judge Thomas Griesa ordered "hold-out" investors on Thursday to explain why various sanctions on Argentina should not be lifted.
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
Puerto Rico Cuts Services as Budget Gap Grows (tags)
Puerto Rico's government continues to cut public services as the economic crisis worsens. The Government Development Bank announced this week that the island's budget gap is $2 billion higher than expected. The prison system in Puerto Rico can no longer pay a vendor that feeds inmates. Some special education teachers are no longer being paid.
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.
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.
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.
Puerto Rico Avoids Default Governor Announces Revenue "Claw-Back" to Fund Government Ser (tags)
Puerto Rico doesn't default under outrageous debt structuring.
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)
United Nations Votes for Global Bankruptcy Principles (tags)
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.
"Fast Track" Hurdles and Development Concerns Remain After House Trade Votes (tags)
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
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
IMF Reports Debt and Human Crises Drive Uneven Growth (tags)
Global Stability and Economic Outlook Reports Released
Greece Proposes Plans to Tackle Tax Evasion and Corruption (tags)
Greece submitted a list of economic reforms to the European Union (EU) in an effort to secure emergency financing.
United Nations Small Islands Conference Fails to Address Major Debt and Tax Crisis (tags)
As the Third International Conference on Small Island Developing States (SIDS) continues in Samoa, the agreed upon final outcome statement fails to address the major debt and tax crises facing many of the attending countries. According to the World Bank, 10 of the 30 most heavily indebted countries in the world are small islands.
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.
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 Battles in Two World Cups (tags)
While National Team Prepares to Face Bosnia, Government Fights Hedge Funds at US Supreme Court
IMF Annual Meetings Focus on High Debt Burdens and Global Inequality (tags)
The annual International Monetary Fund (IMF) and World Bank meetings are focusing on the role of high debt burdens in both global economic recovery and increasing inequality. At the onset of the meetings, the G24 released an IMF statement noting that the IMF's failure to implement quota reform and the outcome of the US Supreme Court Argentina/NML Capital case impacts global inequality.
IMF World Economic Outlook: Economy Improves for Some as Inequality Persists (tags)
Debt Restructuring Process Discussed by IMF and G20
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.
Representatives Doggett and DeLauro Introduce Legislation to End Sequestration and Corpora (tags)
Rep Doggett introduced a replacement to the sequester today which would make it harder for corporations to use tax havens.
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.
Ingrid Betancourt is alive and may be released soon (tags)
FARC says Ingrid is healthy, awaits prisoner exchange On March 13, 2003 a leader of FARC reported that Ingrid Betancourt is alive and well, and that she may be released as soon as the Colombian government negotiates seriously for the exchange of hostages held by FARC, for FARC guerrillas being held prisoner by the government.